Tourism Tasmania Act 1996

Subject to section 16 of the Tasmanian Public Finance Corporation Act 1985, the Authority may borrow, or otherwise obtain financial accommodation, from a person other than the Treasurer for the purposes of performing its functions and achieving its objectives if the Minister and Treasurer approve that borrowing or other obtaining of financial accommodation.

The Authority may use all or part of its assets as security for a borrowing or financial accommodation obtained by it under subsection (1) and any interest or charges payable in respect of that financial accommodation.

On the request of the Minister, the Treasurer may guarantee the payment or repayment to a person from which the Authority borrows or obtains financial accommodation under subsection (1) of any one or more of the following:the amount borrowed or credit obtained; any interest payable in respect of the amount borrowed or financial accommodation; any charges relating to the borrowing or financial accommodation; any expenses of that person incurred in relation to the borrowing or financial accommodation and which are payable by the Authority.

A guarantee is subject to the conditions determined by the Treasurer.

A payment or repayment which is required to be made under a guarantee is payable out of the Public Account without further appropriation than this section.

If the Treasurer makes any payment or repayment under a guarantee, an amount equal to the amount so paid or repaid, and any interest or other charge payable by the Authority in accordance with the conditions to which the guarantee is subject, is a debt repayable by the Authority into the Public Account on the conditions and in the manner determined by the Treasurer.

A creditor may not enforce a guarantee against the Treasurer until the creditor has exercised all his, her or its rights and remedies under all securities held in respect of the payment or repayment guaranteed.