Security for borrowing
198 Security for borrowing
A council or local government subsidiary may, with the
Minister's approval, give security for a borrowing in the nature of a mortgage or charge over property of the council or local government subsidiary.
The property over which a security is granted may consist of or include (present and future) general revenue of the council or local government subsidiary.
The Minister must not approve a security over property if, in the Minister's opinion, it is essential that the property be retained in the ownership of the council or local government subsidiary.
The Minister must consult with the Treasurer before approving a security under this section.
This Act’s bill:Explanatory statementSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.