Western Australian Consolidated Acts Western Australian Consolidated Acts (1) The payment
of —
(a) the
cash equivalent of gold due, payable and deliverable by Gold Corporation,
the Mint or GoldCorp under this Act; and
(b) all
moneys due and payable by Gold Corporation in respect of the exercise of the
power to buy, borrow or otherwise acquire and to sell, lend or otherwise
dispose of, deal in and hold Australian and foreign currency,
is guaranteed by the
Treasurer, in the name and on behalf of the Crown in right of the State.
(2) The term "cash
equivalent" in subsection (1) means, in relation to any security in
respect of which Gold Corporation, the Mint or GoldCorp is liable to deliver
gold in the form of gold coin, the current market price in Australian currency
of that gold coin calculated in accordance with any terms or conditions
prescribed in relation to that security and in force at the time of issue of
that security.
(3) Except in so far
as subsection (1) has effect unconditionally, the Treasurer, in the name
and on behalf of the Crown in right of the State, may guarantee the payment of
moneys borrowed by Gold Corporation, the Mint or GoldCorp upon such terms and
conditions, and in such manner, as the Treasurer may determine.
(4) Where a guarantee
to which this section applies has effect —
(a) the
due payment of moneys thereunder —
(i)
is by force of this Act a charge on the financial
resources of the State; and
(ii)
shall be charged to the Consolidated Account, which to
the extent necessary is hereby appropriated accordingly;
and
(b) the
account and the assets of Gold Corporation and its subsidiaries are jointly
and severally charged with —
(i)
the due repayment to the Treasurer of any payment made by
the Treasurer under paragraph (a); and
(ii)
the performance and observance of such covenants and
conditions as the Treasurer may impose as a term or condition on the giving of
that guarantee,
and Gold Corporation
and the subsidiaries shall give, or cause to be given, to the Treasurer such
security as the Treasurer requires and execute all instruments necessary for
that purpose.
(5) The Treasurer
shall cause any amounts received or recovered in respect of any payment made
by the Treasurer under a guarantee to which this section applies to be
credited to the Consolidated Account.
(6) Except in so far
as subsection (4)(b) applies, a guarantee under this section does
not apply to or in relation to the obligations of any subsidiary of Gold
Corporation other than the Mint and GoldCorp.
[Section 22 inserted by No. 10 of 1990
s. 22; amended by No. 6 of 1993 s. 11; No. 49 of 1996
s. 64; No. 77 of 2006 s. 4.]