Powers of Governor as to loans, grants, and guarantees
37 Powers of Governor as to loans, grants, and guarantees
Where the Governor is satisfied, on the recommendation of the Treasurer and the Minister, that the development, expansion, or retention of a business undertaking by any person or the proposed activities of a public authority will be of special significance to the economic development of the State, the Governor may direct that a loan or grant of money or a guarantee shall be given to that person or public authority under this Part.
On a direction by the Governor under subsection (1) – the Minister shall make a grant or loan of money on such terms and conditions as the Governor may direct; or the Treasurer shall, by instrument in writing, give a guarantee on such terms and conditions as the Governor may direct.
The provisions of section 36(2), (6), and (9) apply to, and in relation to, a guarantee given by the Treasurer under subsection (3)(b) and any such guarantee – may be given to a person notwithstanding that another guarantee under this Part to that person has been given or is in force; and with the consent of the person whose loan to the borrower is guaranteed, may be varied or revoked by the Treasurer.
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