Victorian Consolidated Legislation

Emerald Tourist Railway Act 1977 - SECT 30

PART V MISCELLANEOUS

Procedure upon default in repayment of loan

30. Procedure upon default in repayment of loan



(1) In case default is made by the Board in the repayment of moneys lent by
the Minister-

   (a)  the Secretary to the Department of Treasury and Finance shall give
        notice of the default to the Minister; and



   (b)  thereupon, without prejudice to any other remedies, the Minister may
        after the expiration of three months from the date at which the last
        of such payments became due give one month's notice in writing of the
        default to the Board.

(2) After the expiration of the period of notice referred to in subsection (1)
unless payment of the amount due is made in the meantime the Minister may
enter upon and take possession of and manage and maintain the undertaking of
the Board and all the property and revenues of the Board and without further
or other authority than this section may do all things which may be done by
the Board in all respects as though the Minister were the Board and any
reference in any Act to the Board includes the Minister during such time as he
retains such possession.

(3) The Minister-

   (a)  may appoint some person on his behalf to enter and take possession of
        the undertaking of the Board and the property and revenues of the
        Board and the person so appointed shall, subject to the Minister,
        manage and maintain the undertaking and the property and revenues of
        the Board and in relation thereto may exercise all the powers, rights,
        and duties of the Minister as provided under this section; and

   (b)  may at any time remove any person appointed under paragraph (a) and
        appoint some other person in his place.