Tasmanian Development Act 1983

For the purposes of this Act, TDR has, in addition to the powers conferred on it under any other Act but subject to any duty arising under section 11(1) on the Minister giving it a statement of policy objectives, the powers specified in this section.

TDR may – acquire, develop, and dispose of land as provided by sections 12, 13, and 14; subject to subsections (3) and (4), make a loan of money to any person on such terms and conditions as TDR thinks fit so long as the principal amount of the loan, or, in the case of 2 or more loans to that person, the aggregate of the principal amount of those loans, does not exceed $15 000 000; subject to subsection (5), make a grant of money for such purpose and on such terms and conditions as the Minister may approve to any person in order to – assist in the development, expansion, or retention of a business undertaking in Tasmania; or conduct research or experiments for the purpose of the establishment or development of a business undertaking in Tasmania; if it considers it to be of special significance to the development of the Tasmanian economy, acquire, with the approval of the Minister, an interest in a business undertaking at a cost not exceeding $35 000 000; recommend to the Minister that he grant a loan of money as provided by section 35; recommend to the Treasurer that he guarantee in accordance with section 36 the repayment of any money lent or agreed to be lent or the performance of any obligation referred to in subsection (1)(b) of that section; act as agent of the Minister or of the Minister in charge of tourism for the purpose of the performance of his functions under section 37(3)(a); make arrangements for the purpose of facilitating the establishment of co-operative organizations of persons engaged in any business undertaking; represent, or appoint a person to represent, TDR on the governing body of any organization of persons engaged in any business undertaking that is a business undertaking to which assistance under this Act is granted or is proposed to be granted; provide advice and technical assistance to any person in connection with a business undertaking; may act as agent for any person in connection with a business undertaking that is, or is proposed to be, carried on in Tasmania or elsewhere; may make a charge for any of its services provided under this Act; and may do any other act, matter, or thing as may be necessary or expedient for the performance of its functions under this or any other Act.

A loan of money shall not be made to a person under subsection (2)(b) if the effect of making the loan would be that the total of the amounts borrowed by that person at that time exceeds 80 per cent of the value of the total available security.

Notwithstanding subsection (3), TDR may, in any case where it is satisfied that there are special reasons for doing so – make a loan to a person with or without security and with or without interest so long as the principal amount of the loan or, in the case of 2 or more loans under this subsection, the aggregate of those loans does not exceed $500 000; and may, with the approval of the Minister, discharge any person from any liability not exceeding $50 000 arising from any loan to that person under this section.

For the purpose of subsection (2)(c) – where the amount of the grant is not more than $500 000, the grant shall be for such purpose and on such terms and conditions as the Minister may approve; and where the amount of the grant is more than $500 000, the grant shall be for such purpose and on such terms and conditions as the Treasurer and the Minister may approve.

The Governor may, by order, amend a provision of this section by omitting a reference to an amount specified in that provision and substituting a reference to some other amount specified in the order.

An amendment made, by the Tasmanian Development Amendment Act 2024, to an amount specified in a provision of this section does not prevent that amount, or any other amount, from being amended or further amended by an order made in accordance with subsection (6).