ELECTORAL ACT 1985 - SECT 130ZK
ELECTORAL ACT 1985 - SECT 130ZK
130ZK—Certain loans not to be received
(1) It is unlawful for
a relevant entity or a person acting on behalf of a relevant entity to receive
a loan of $1000 or more from a person other than a financial institution
unless the loan is made in accordance with subsection (3).
(2) It is unlawful for
a candidate or a member of a group or a person acting on behalf of a candidate
or group to receive a loan of $1 000 or more from a person other than a
financial institution unless the loan is made in accordance with
subsection (3).
(3) The receiver of
the loan must keep a record of the following:
(a) the
terms and conditions of the loan;
(b) if
the loan was received from a registered industrial organisation other than a
financial institution—
(i)
the name of the organisation; and
(ii)
the names and addresses of the members of the executive
committee (however described) of the organisation;
(c) if
the loan was received from an incorporated or unincorporated
association—
(i)
the name of the organisation or association; and
(ii)
the names and addresses of the members of the executive
committee (however described) of the association or organisation;
(d) if
the loan was paid out of a trust fund or out of the funds of a
foundation—
(i)
the names and addresses of the trustees of the fund or of
the foundation; and
(ii)
the title or other description of the trust fund, or the
name of the foundation, as the case requires;
(e) if
the loan was received from a body corporate—
(i)
the name of the body corporate; and
(ii)
the names and addresses of the members of the board of
the body corporate; and
(iii)
the name of any parent, subsidiary or related body
corporate of the body corporate;
(f) in
any other case—the name and address of the person or organisation.
(4) For the purpose of
subsection (2), a person who is a candidate in an election is taken to
remain a candidate for 30 days after the polling day in the election.
(5) For the purpose of
subsection (2), persons who constituted a group in an election are taken
to continue to constitute the same group for 30 days after the polling
day in the election.
(6) If a
relevant entity or other person receives a loan that, by virtue of this
section, it is unlawful for the registered political party or person to
receive, an amount equal to the amount or value of the loan is payable to the
Crown (and may be recovered by the Crown as a debt by action, in a court of
competent jurisdiction) by the relevant entity or person, or, in the case of a
relevant entity that is an unincorporated body, each member of the executive
committee (who are, for the purposes of this subsection, jointly and severally
liable for the debt).
(7) For the purposes
of this section, if credit is provided on a credit card in respect of card
transactions, the credit is to be treated as a separate loan for each
transaction.
(8) In this
section—
"credit card" means—
(a) any
article of a kind commonly known as a credit card; or
(b) any
similar article intended for use in obtaining cash, goods or services on
credit,
and includes any article of a kind that persons carrying on business commonly
issue to their customers or prospective customers for use in obtaining goods
or services from those persons on credit;
"financial institution" means a body which carries on a business that consists
of, or includes, the provision of financial services or financial products and
which is—
(a) an
ADI; or
(b) a
body prescribed by the regulations for the purposes of this paragraph;
"loan" means any of the following:
(a) an
advance of money;
(b) a
provision of credit or any other form of financial accommodation;
(c) a
payment of an amount for, on account of, on behalf of or at the request of, a
person, if there is an express or implied obligation to repay the amount;
(d) a
transaction (whatever its terms or form) which in substance effects a loan of
money.