Victorian Consolidated Legislation

Co-operative Housing Societies Act 1958 - SECT 77

Aggregate liability under indemnities

77. Aggregate liability under indemnities





(1) The Treasurer of Victoria shall not enter into any agreement under this
Division of this Part where the agreement would involve him in a liability
which when added to the total liabilities subsisting in respect of other
agreements entered into under this Division of this Part would in the
aggregate exceed the amount of $30 000 000 or such other amount as is
prescribed by regulation.

(2) Such sums as may from time to time become due and payable by the Treasurer
of Victoria under any agreement authorized by this Division of this Part shall
be paid out of the Consolidated Fund (which is hereby to the necessary extent
appropriated accordingly).