CROWN LAND (RESERVES) ACT 1978 - SECT 14C Borrowing powers of incorporated committees
CROWN LAND (RESERVES) ACT 1978 - SECT 14C
Borrowing powers of incorporated committees(1) For any of the purposes mentioned in paragraph (a) of subsection (1) of section 15 an incorporated committee may, with the approval of the Treasurer of Victoria and subject to such terms conditions and limits as the Treasurer of Victoria imposes—
S. 14C(1)(a) amended by No. 11/2001 s. 3(Sch. item 19).
(a) borrow moneys from any authorised deposit‑taking institution within the meaning of the Banking Act 1959 of the Commonwealth by way of overdraft; and
(b) obtain temporary financial accommodation secured or arranged in such manner and for such period as the Treasurer of Victoria in each particular case approves.
(2) An incorporated committee may for any of the purposes mentioned in paragraph (a) of subsection (1) of section 15 borrow money from any institution person or body approved by the Treasurer of Victoria on such terms and conditions as are approved by the Treasurer of Victoria from time to time and give to any such institution person or body security for money so borrowed in such form as the Treasurer of Victoria approves in each particular case.
(3) Where an incorporated committee borrows moneys under the power conferred by subsection (1) or (2), the Treasurer of Victoria may execute in favour of any institution person or body lending money to the committee a guarantee for the repayment thereof.
(4) A guarantee given by the Treasurer of Victoria under subsection (3)—
(a) shall, subject to this subsection, be in such form and subject to such terms and conditions as the Treasurer of Victoria thinks fit;
(b) may extend to any interest charges and other expenses chargeable by the institution person or body making the loan and the expenses of enforcing or obtaining or endeavouring to enforce or obtain repayment of the loan and those interest charges and expenses;
(c) shall be subject to the condition that the institution person or body making the loan shall obtain take and hold or retain and hold securities of such nature as the Treasurer of Victoria may require for the repayment of the loan and the payment of interest charges and expenses;
(d) shall be subject to the condition that the institution person or body making the loan shall not without the prior consent in writing of the Treasurer of Victoria assign or encumber the benefit of the guarantee; and
(e) shall not be enforceable against the Treasurer of Victoria unless the institution person or body making the loan has, to the said Treasurer's satisfaction, exercised its or his rights and remedies under all securities held by or for it or him in respect of the loan and any interest charges and expenses.
(5) Any moneys required by the Treasurer of Victoria in fulfilling any guarantee given under this section shall be paid out of the Consolidated Fund (which is hereby to the necessary extent appropriated accordingly) and any moneys received or recovered by the Treasurer of Victoria in respect of any moneys so paid by the said Treasurer shall be paid into the Consolidated Fund.
(6) An incorporated committee may invest moneys in the funds of the incorporated committee in such manner as the Treasurer of Victoria from time to time approves.
S. 14D inserted by No. 9551 s. 4.