Sport and Recreation Act 1972

Upon the recommendation of the Minister, the Treasurer may execute in favour of any person a guarantee guaranteeing the repayment of the whole or part of a loan to be made by that person to a voluntary organization for the purpose of providing sporting or recreational facilities.

A guarantee by the Treasurer pursuant to subsection (1)—

shall, subject to this subsection be in such form and subject to such terms and conditions as he thinks fit;

may extend to any interest charges and other expenses chargeable by the person making the loan to the borrower and the expenses of enforcing or obtaining or endeavouring to enforce or obtain repayment of the loan and those interest charges and expenses;

may be subject to a condition that the person making the loan shall obtain, take and hold or retain and hold securities of such nature as the Treasurer may require for the repayment of the loan and the payment of any interest charges and expenses;

shall be subject to a condition that the person making the loan shall not without the prior consent in writing of the Treasurer assign or encumber the benefit of the guarantee; and

shall not be enforceable against the Treasurer unless and until the person making the loan has, to the Treasurer's satisfaction, exercised its rights and remedies under all securities held by or for it in respect of the loan and any interest charges and expenses.

Any sums required by the Treasurer of Victoria for fulfilling any guarantee given under this Act 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 said Treasurer in respect of any sums so paid by the Treasurer shall be paid into the Consolidated Fund.