CO-OPERATIVE HOUSING SOCIETIES ACT 1958 - SECT 74 Provisions relating to guarantees

CO-OPERATIVE HOUSING SOCIETIES ACT 1958 - SECT 74

The following provisions shall apply to and in respect of any guarantee authorized to be executed by this Division of this Part—

        (a)     the guarantee shall be in such form and subject to such terms and conditions as are prescribed or as the Treasurer of Victoria determines;

S. 74(b) amended by No. 11/2001 s. 3(Sch. item 15.5(a)).

        (b)     the guarantee may include the interest charges and expenses chargeable by the authorised deposit-taking institution or approved body (as the case may be) against the principal debtor in the usual course of its business and the expenses of enforcing or obtaining or endeavouring to enforce or obtain payment of the debt guaranteed and such interest charges and expenses;

S. 74(c) amended by Nos 37/1999 s. 58(Sch. 2 Pt 1 item 17), 11/2001 s. 3(Sch. item 15.5(b)).

        (c)     the authorised deposit-taking institution or approved body (as the case may be) shall obtain take and hold such securities (if any) for the payment of the principal debt as the Treasurer of Victoria may require;

S. 74(d) amended by Nos 10087 s. 3(1)(Sch. 1 item 19), 37/1999 s. 58(Sch. 2 Pt 1 item 17), 11/2001 s. 3(Sch. item 15.5(b)).

        (d)     the guarantee shall not be enforceable against the Treasurer of Victoria or against the Consolidated Fund unless and until the authorised deposit-taking institution or approved body (as the case may be) has fully exercised its rights and remedies under all securities (other than the guarantee itself) held by or for it in respect of the debt guaranteed, or unless the authorised deposit-taking institution or approved body (as the case may be) has under the provisions of the securities executed by the society in favour of the authorised deposit-taking institution or approved body (as the case may be) or of any of such securities become entitled to appoint a receiver of the undertaking and assets of the society; and

S. 74(e) amended by Nos 37/1999 s. 58(Sch. 2 Pt 1 item 17), 11/2001 s. 3(Sch. item 15.5(b)).

        (e)     the authorised deposit-taking institution or approved body (as the case may be) shall not without the consent in writing of the Treasurer of Victoria assign or encumber the benefit of the guarantee.

No. 6138 s. 75.