WORKERS' COMPENSATION AND INJURY MANAGEMENT ACT 1981 - SECT 101A

WORKERS' COMPENSATION AND INJURY MANAGEMENT ACT 1981 - SECT 101A

101A .         Borrowing powers

        (1)         Subject to this Act WorkCover WA may, with the prior approval of the Treasurer, borrow such moneys as it thinks necessary from time to time for carrying out its functions.

        (2)         WorkCover WA shall not exercise the powers conferred by this section unless a proposal in writing showing —

            (a)         the terms and particulars of the proposed loan; and

            (b)         the rate of interest to be paid on that loan; and

            (c)         the purpose to which the money borrowed is to be applied; and

            (d)         the manner in which the loan is to be repaid,

                shall first be submitted by it on the recommendation of the Minister to, and approved by, the Treasurer.

        (3)         Any moneys borrowed by WorkCover WA 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.

        [Section 101A inserted: No. 104 of 1984 s. 5; amended: No. 42 of 2004 s. 150.]