New South Wales Consolidated Acts

STATE OWNED CORPORATIONS ACT 1989 - SECT 16

16 Government guarantee

(1) The obligations of a company SOC or any of its subsidiaries are not guaranteed by the State of New South Wales, except to the extent that the board of the SOC and voting shareholders agree in writing.

(2) Any liability arising from an agreed guarantee is to be met out of the Consolidated Fund, which is appropriated accordingly.

(3) The voting shareholders may, after the consultation with the board of the SOC, fix charges to be paid by the SOC or any of its subsidiaries to the Treasurer in respect of an agreed guarantee, either generally or in so far as it relates to specified matters.

(4) Payments by the SOC or any of its subsidiaries to the Treasurer in respect of any such charges are required to be made at such times, and in such instalments, as the Treasurer determines.