Melbourne Market Authority Act 1977

Subject to this Act, the Authority may, with the approval of the Treasurer, and subject to such terms and conditions as the Treasurer imposes, borrow moneys under this section for the purposes of this Act.

A sum which the Authority is authorized to borrow may be raised as one loan or as several loans.

Each loan raised by the Authority under this section shall be raised—

by the issue of debentures payable to bearer with interest coupons attached;

by the creation and issue of inscribed stock to be called "Melbourne Wholesale Fruit, Vegetable and Flower Market Inscribed Stock" (in this Part referred to as stock); or

partly in one way and partly in the other.

Debentures and stock issued by the Authority under this Act—

shall with interest thereon be charged and secured upon the revenues of the Authority;

shall bear interest at such rate and be redeemable at such date or dates and at such place or places as the Authority, with the consent of the Treasurer, determines; and

may with the consent of the holder or the registered owner thereof respectively be paid off at any time previous to the due date thereof at not more than the par face value thereof or (with the consent of the Treasurer) at a premium, with interest thereon to date of payment only.

Interest secured by any such debentures or stock shall be payable—

half-yearly on days fixed by the Authority; and

at such place or places as the Authority with the consent of the Treasurer determines.

The due repayment of the principal sums and the payment of all interest secured by any debentures or stock issued by the Authority under this Act is hereby guaranteed by the Government of Victoria.

Any sums required by the Treasurer for fulfilling any guarantee given under this section shall be paid out of the Consolidated Fund (which is hereby to the necessary extent appropriated accordingly) and any sums received or recovered by the Treasurer from the Authority or otherwise in respect of any sum so paid by the Treasurer shall be paid into the Consolidated Fund.