Assumption of certain obligations and rights
11AB Assumption of certain obligations and rights
An authority to which this section applies may assume obligations and rights under or in connection with financial accommodation obtained by another person and any security for that financial accommodation if—
the arrangements under which the other person obtained the financial accommodation or gave the security include provision for such an assumption by the authority; or
all the parties to those arrangements and the authority agree in writing to the assumption by the authority—
and the Treasurer gives approval in writing.
Pt 2 Div. 2A (Heading and s. 11A) inserted by No. 78/1988 s. 5, amended by Nos 61/1992 s. 3, 99/1993 ss 7(i)(j), 10, 31/1995 s. 52(Sch. 1 items 1.1, 1.2), repealed by No. 40/2013 s. 3(1).
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This Act’s bill:Second reading speech
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