Water Management Act 2000

A corporation may obtain borrowings, and may invest the funds of the corporation, in any manner it thinks fit.

A corporation may, for the purpose of obtaining borrowings—

charge the whole or any part of any of its property (including any income arising from rates or charges) by debenture, mortgage or in any other manner, and

enter into arrangements to provide guarantees or indemnities.

If a corporation defaults in carrying out its obligations under a debenture charged on income arising from rates or charges, the Supreme Court may, on the application of a creditor or a trustee for the debenture holders—

direct the corporation to appropriate a specified portion of its income to satisfy its obligations under the debenture, or

direct the corporation to raise a specified amount by way of charges and direct the amount to be applied towards satisfying those obligations,

The rights of a creditor or trustee in subsection (3) are in addition to any other rights of the creditor or trustee.

The obligations of a corporation are not guaranteed by the State of New South Wales.

The State of New South Wales is not liable to any action, liability, claim or demand in respect of the exercise by or on behalf of a corporation of any function under this Division.

In this section—