Victorian Consolidated Legislation

Co-operative Farmers and Graziers Direct Meat Supply Limited Act 1978 - SECT 3

As to guarantee by Treasurer

3. As to guarantee by Treasurer



(1) The Treasurer may on behalf of the State of Victoria at the request of
the Society and subject to the conditions required by this Act give one
guarantee in respect of the repayment by the Society of one-half of the
principal moneys in relation to the financial accommodation obtained by
the Society for the purpose of repaying debts owed by the Society.

(2) A guarantee shall not be given under sub-section (1) that would render the
State of Victoria liable to pay an amount that exceeds or amounts that in the
aggregate exceed $4 500 000 or one-half of so much of the principal moneys
referred to in that sub-section as have not for the time being been repaid by
the Society, whichever is the less.

(3) Such sums as may from time to time be deemed payable by the Treasurer of
Victoria under any guarantee authorized by this Act shall be paid out of the
Consolidated Fund (which is hereby to the necessary extent appropriated
accordingly).