Western Australian Consolidated Acts

HERITAGE OF WESTERN AUSTRALIA ACT 1990 - SECT 15

15 .         Council may borrow, from Treasurer or with Treasurer’s approval

        (1)         The Council may borrow from the Treasurer such amounts as the Treasurer may advance, on such conditions, including conditions as to repayment and payment of interest, as the Treasurer may impose and the Treasurer is hereby authorised to make such advances.

        (2)         Where an advance is made under subsection (1) the Council shall — 

            (a)         repay the amount of the advance;

            (b)         pay interest in accordance with the conditions imposed under subsection (1); and

            (c)         comply with any other conditions imposed.

        (3)         The Council may, subject to the prior written approval of the Treasurer and only upon such terms and conditions as may be specified in that approval, borrow moneys for the purposes of this Act from persons other than the Treasurer.

        (4)         By virtue of this subsection the assets of the Council are charged with the due discharge by the Council of all obligations arising under this section.