ABORIGINAL AND TORRES STRAIT ISLANDER COMMISSION ACT 1989 No. 150 of 1989 - SECT 19 Guarantees

ABORIGINAL AND TORRES STRAIT ISLANDER COMMISSION ACT 1989 No. 150 of 1989 - SECT 19

19. (1) Subject to subsection (2), where the Commission is satisfied that the
purpose of a loan made or to be made to:

   (a)  an Aboriginal person or a Torres Strait Islander;

   (b)  an Aboriginal or Torres Strait Islander corporation; or

   (c)  another incorporated body; is a purpose for which the Commission
        could, in the performance of its functions, make a loan to that
        borrower, the Commission may guarantee the due payment of all moneys
        (including interest) payable by the borrower in accordance with the
        terms and conditions of the loan concerned.

(2) Where the purpose of a loan is to enable or assist Aboriginal persons or
Torres Strait Islanders to engage in a business enterprise:

   (a)  the Commission shall not give a guarantee under this section in
        respect of the loan unless it is satisfied that the enterprise is
        likely to become, or continue to be, commercially successful; and

   (b)  in considering whether to give a guarantee under this section in
        respect of the loan, the Commission shall have regard to the effect of
        the loan on the employment and training of Aboriginal persons and
        Torres Strait Islanders.

(3) The operation of this section is subject to such limits as the Treasurer
determines as to the total amount of money (other than interest) the payment
of which may at any time be the subject of guarantees under this section.

(4) A loan made or to be made to an Aboriginal person or a Torres Strait
Islander jointly with his or her spouse for a purpose referred to in
subsection 16 (1) shall, for the purposes of this section, be taken to be a
loan made or to be made to an Aboriginal person or a Torres Strait Islander
even if the spouse is not an Aboriginal person or a Torres Strait Islander.

(5) The Commission may not give a guarantee pursuant to paragraph (1) (c)
without the Minister's written consent.