Victorian Consolidated Legislation

Melbourne Market Authority Act 1977 - SECT 21

Borrowing by Authority

21. Borrowing by Authority



(1) Subject to this Act, the Authority may, with the approval of the
Treasurer, and subject to such terms and conditions as he imposes, borrow
moneys under this section for the purposes of this Act.

(2) A sum which the Authority is authorized to borrow may be raised as one
loan or as several loans.

(3) Each loan raised by the Authority under this section shall be raised-

   (a)  by the issue of debentures payable to bearer with interest coupons
        attached;

(b) by the creation and issue of inscribed stock to be called "Melbourne
Wholesale Fruit and Vegetable Market Inscribed Stock" (in this Part referred
to as stock); or

   (c)  partly in one way and partly in the other.

(4) Debentures and stock issued by the Authority under this Act-

   (a)  shall with interest thereon be charged and secured upon the revenues
        of the Authority;

   (b)  shall bear interest at such rate and be redeemable at such date or
        dates and at such place or places as the Authority, with the consent
        of the Treasurer, determines; and

   (c)  may with the consent of the holder or the registered owner thereof
        respectively be paid off at any time previous to the due date thereof
        at not more than the par face value thereof or (with the consent of
        the Treasurer) at a premium, with interest thereon to date of payment
        only.

(5) Interest secured by any such debentures or stock shall be payable-

   (a)  half-yearly on days fixed by the Authority; and

   (b)  at such place or places as the Authority with the consent of the
        Treasurer determines.



(6) The due repayment of the principal sums and the payment of all interest
secured by any debentures or stock issued by the Authority under this Act is
hereby guaranteed by the Government of Victoria.

(7) Any sums required by the Treasurer for 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 sums received or
recovered by the Treasurer from the Authority or otherwise in respect of any
sum so paid by the Treasurer shall be paid into the Consolidated Fund.