Victorian Consolidated Legislation

Melbourne Cricket Ground Act 2009 - SECT 24

Guarantees for Melbourne Cricket Club

24. Guarantees for Melbourne Cricket Club



(1) If the Melbourne Cricket Club obtains financial accommodation or enters
into and performs financial arrangements, 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 Melbourne Cricket Club and any expenses of
enforcing that financial accommodation or those financial arrangements.

(2) A guarantee given by the Treasurer under subsection (1) must be in the
form and subject to the terms and conditions determined by the Treasurer.

(3) Without limiting subsection (2), the guarantee may be subject to the
following conditions-

   (a)  that the holder of the guarantee must hold securities as required by
        the Treasurer for the repayment of the financial accommodation or
        financial arrangements;

   (b)  that the guarantee is not enforceable against the Treasurer unless the
        holder of the guarantee has exercised, to the Treasurer's
        satisfaction, the holder's rights and remedies under all securities
        held by or for the holder in respect of the financial accommodation or
        financial arrangements.

(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
Melbourne Cricket Club or any other sum received in respect of payment by the
Treasurer under a guarantee must be paid into the Consolidated Fund.

(6) The Treasurer must not execute a guarantee under this section if the
guarantee would involve the Treasurer in a liability in respect of a principal
sum which when added to the total liabilities then subsisting in respect of
other principal sums guaranteed under this section would in total exceed the
sum as may be determined by the Treasurer from time to time.