Northern Territory Consolidated Acts

TERRITORY INSURANCE OFFICE ACT - SECT 30

    (1)     The Territory hereby guarantees:

        (a)     every policy or contract of insurance or indemnity; and

        (b)     the repayment of, and the interest payable on, each deposit with the Office in pursuance of a contract or other agreement; and

        (c)     the liabilities of the Office in relation to the MAC business;

entered into by the Office within the authority of this or any other Act and, when the occasion for the payment of money on such guarantee arises, the amount shall, by virtue of this section, be appropriated accordingly and shall be paid out of the Central Holding Authority on receipt by the Treasurer of a certificate from the Solicitor-General indicating that the amount is legally payable.

    (2)     The amount of any money paid by the Territory in pursuance of a certificate issued under subsection (1) shall be a debt payable by the Office to the Territory.