Develop and implement borrowing and investment programs for the benefit of state authorities and engage in such other financial activities, on behalf of the government and state authorities, as the Treasurer shall approve. The Corporation comprises the Under-Treasurer as chairman and 3 members appointed by the Governor, on the recommendation of the Treasurer, for the renewable 3 year terms. Two must be comissioners or permanent employees of the Hydro-Electric Commission and the third must be a director, associate director or officer of the Tasmanian Development Authority. The Governor can appoint deputies to act in the absence of members. A quorum consists of 1 less than the number of members holding office and the chairman has both a deliberative and a casting vote. The Corporation can raise funds in Australia or overseas and can manage investments on behalf of agencies. Its borrowings are guaranteed by the State Government. It pays State taxes but is subject to audit by the Auditor-General. The Corporation can borrow public service staff from departments or employ staff on private contracts.~