14
CurrentFinance Minister may declare that all loans are due and payable
Part 3Transfers of assets and liabilities
Division 3Snowy Mountains Hydro‑electric Authority’s debts
Subdivision ALoans by the Commonwealth
14 Finance Minister may declare that all loans are due and payable
(1)
The Finance Minister may, before the corporatisation date, by writing, declare that the principal amounts of all loans, together with any accrued interest, become due and payable at a time (the repayment time) before the corporatisation date that is stated in the declaration.
(2)
The total of the principal amounts and accrued interest is to be set out in the declaration and is to be the amount agreed between the Commonwealth, New South Wales and Victoria.
(3)
The declaration has effect accordingly.
(4)
The Commonwealth must not lend any money to the Authority after the repayment time except in accordance with this Division.
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