MAIN ROADS ACT 1930 - SECT 9A
MAIN ROADS ACT 1930 - SECT 9A
9A . Borrowing powers; Treasurer’s guarantee and approval
(1) For carrying out
the purposes of this Act the Commissioner, subject to the approval of the
Minister, shall have power upon the guarantee and with the prior approval in
writing of the Treasurer of the State to borrow money upon such terms and
conditions only as the Treasurer approves.
(2) The Treasurer is
hereby authorised to so approve and to give the guarantee, including a
guarantee of interest, referred to in subsection (1), for and on behalf of the
Crown in right of the State.
(3) Any moneys
borrowed by the Commissioner under this section may be raised as one loan or
as several loans 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.
(4) Before a guarantee
is given by the Treasurer under this section, the Commissioner shall give to
the Treasurer such security as the Treasurer may require and shall execute all
instruments necessary for the purpose.
(5) The Commissioner
shall use moneys borrowed under the power conferred by this section for the
purpose of carrying this Act into effect and for no other purpose.
[Section 9A inserted: No. 96 of 1975 s. 7.]