Victorian Consolidated Legislation

Crown Land (Reserves) Act 1978 - SECT 29

Power to Treasurer to guarantee certain loans

29. Power to Treasurer to guarantee certain loans



(1) Where-

   (a)  land of the Crown has been reserved pursuant to section 4; and

   (b)  the trustees or committee of management (as the case may be) of the
        land have, pursuant to the provisions of any Act, granted a lease of
        the land or any portion thereof to a body corporate for the purposes
        of sport or recreation or social activities or for purposes connected
        therewith; and



   (c)  the body corporate is desirous of obtaining a loan for the purpose of
        building or improving public amenities on the land-

the Treasurer, on the recommendation of the Minister, may execute in favour of
any person a guarantee guaranteeing the repayment of any loan to be made to
the body corporate for that purpose.

(2) The provisions of subsection (1) shall not apply in respect of a loan of
an amount less than $100 000.

(3) A guarantee by the Treasurer pursuant to this section-

   (a)  shall be in such form and subject to such terms and conditions as he
        thinks fit; and

   (b)  may extend to any interest charges and expenses chargeable by the
        person making the loan and to the expenses of enforcing or obtaining
        or endeavouring to enforce or obtain repayment of the loan and payment
        of any such interest charges and expenses.

(4) Any moneys which may from time to time become payable by the Treasurer
under any guarantee pursuant to this section shall be paid out of the
Consolidated Fund which is hereby to the necessary extent appropriated
accordingly.

Mineral springs