Victorian Consolidated Legislation

Melbourne Cricket Ground Act 2009 - SECT 23

Borrowing powers of Trust

23. Borrowing powers of Trust



(1) The Trust, with the approval of the Treasurer, may obtain financial
accommodation and enter into and perform financial arrangements.

(2) If the Trust obtains financial accommodation or enters into and performs
financial arrangements under subsection (1), the Treasurer may execute a
guarantee, in favour of any person, guaranteeing the repayment of any money
payable under, or the satisfaction of, that financial accommodation or those
financial arrangements, including any interest charges or expenses chargeable
by the creditor against the Trust and any expenses of enforcing that financial
accommodation or those financial arrangements.

(3) A guarantee given by the Treasurer under subsection (2) must be in the
form and subject to the terms and conditions determined by the Treasurer.

(4) A sum required to be paid by the Treasurer in fulfilling a guarantee under
this section must be paid out of the Consolidated Fund which is appropriated
to the necessary extent for the payment to be made.

(5) A sum received or recovered by the Treasurer from the Trust or any other
sum received in respect of payment by the Treasurer under a guarantee must be
paid into the Consolidated Fund.