Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Subject to the
prior approval of the Governor, the Treasurer may, on behalf of the Crown in
right of the State and on such terms and conditions as the Treasurer may
determine, guarantee the payment of any moneys payable by the Council, or the
discharge of any liability, or the performance of any obligation (however or
wherever arising, entered into or to be entered into), of the Council.
(2) The performance of
a guarantee given by the Treasurer on behalf of the State under this Act is
hereby authorised and the due payment of moneys payable by the Treasurer
thereunder with all interest thereon —
(a) is
hereby guaranteed by the State; and
(b)
shall be charged to the Consolidated Account, which is hereby to the
extent necessary appropriated accordingly,
and any sums received
or recovered by the Treasurer, from the Council or otherwise, in respect of an
amount so charged shall be credited to the Consolidated Account.
(3) Where the
Treasurer becomes liable to make any payment under
subsection (2) —
(a) the
assets of the Council are hereby; and
(b) if
the Treasurer so requires, the funds and other assets of a person associated
with the Council in respect of a matter in relation to which the guarantee is
given, shall by the instrument of guarantee be,
charged (by way of
floating charge unless otherwise provided by that instrument of guarantee), to
the extent that repayment of moneys paid by the Treasurer is not received or
recovered by the Treasurer in accordance with the guarantee, with repayment to
the Treasurer of the amount for which the Treasurer is so liable, upon such
terms and conditions as may have been determined and specified on the giving
of that guarantee.
(4) The liability of
the State pursuant to a guarantee under this section shall not be affected or
discharged —
(a) by
the granting to the Council or a person associated with the Council in
relation to the guarantee of any time or other indulgence or consideration;
(b) by
reason of any transaction that may take place between the Council and any
person having the benefit of the guarantee; or
(c) by
any other act or omission of the person having the benefit of the guarantee,
whereby the liability
of the State as guarantor would but for this provision have been affected or
discharged.
(5) In respect of
every guarantee given by the Treasurer under this section, the Council shall
cause to be credited to the Consolidated Account such annual fee, if any, as
the Treasurer may require.
(6) The annual fee
referred to in subsection (5) shall be determined by the Treasurer not
later than the time when the guarantee is given, but may be varied from time
to time by the Treasurer by notice in writing to the Council.
(7) An instrument of
guarantee given pursuant to subsection (1) shall be executed
by —
(a) the
Treasurer; or
(b) a
person authorised —
(i)
by the Treasurer in writing; or
(ii)
by operation of law.
(8) All instruments of
guarantee given pursuant to subsection (1) shall be scheduled and
included in the Annual Report submitted by the accountable authority under
Part 5 of the Financial Management Act 2006 .
[Section 16 amended by No. 6 of 1993
s. 11; No. 49 of 1996 s. 64; No. 77 of 2006 s. 4 and
17.]