Western Australian Consolidated Acts Western Australian Consolidated Acts (1) The Board shall
have power to borrow money upon the guarantee of the Treasurer of the State
for the purposes of carrying out its powers and functions under this Act.
(2) The Board is
authorised with the prior approval in writing of the Treasurer to borrow money
upon such terms and conditions only as the Treasurer approves.
(3) The Treasurer is
hereby authorised to so approve and to give the guarantee, including the
guarantee of interest, in subsection (1), for and on behalf of the Crown
in right of the State.
(4) Any moneys
borrowed by the Board under this section may be raised as one loan or as
several loans and in such manner as the Treasurer may approve, but the amount
of the moneys so borrowed shall not in any one year exceed in the aggregate
such amount as the Treasurer approves.
(5) Before a guarantee
is given by the Treasurer under this section, the Board shall give to the
Treasurer such security as the Treasurer may require and shall execute all
such instruments as may be necessary for the purpose.
(6) The Board shall
use all moneys borrowed under the power conferred by this section for the
purposes of carrying this Act into effect.
[Section 20A inserted by No. 38 of 1974
s. 2; amended by No. 8 of 2009 s. 22.]