Borrowing powers of the Trust
7 Borrowing powers of the Trust
The Trust may with the approval of the Treasurer and subject to such terms, conditions and limits as the Treasurer imposes—
S. 7(1)(a) amended by No. 11/2001 s. 3(Sch. item 87.1).
borrow moneys from any authorised deposit-taking institution within the meaning of the Banking Act 1959 of the Commonwealth by way of overdraft; and
obtain temporary financial accommodation secured or arranged in such manner and for such period as the Treasurer in each particular case approves.
The Trust may borrow money from any institution person or body approved by the Treasurer on such terms and conditions as are approved by the Treasurer from time to time and give to any such institution person or body security for money so borrowed in such form as the Treasurer approves in each particular case.
The Treasurer with the approval of the Governor in Council may execute in favour of any institution person or body lending money to the Trust a guarantee for the repayment thereof and may in addition guarantee the payment of any interest charges and expenses chargeable by the creditor against the Trust and the expenses of enforcing or obtaining or endeavouring to enforce or obtain payment of the debt guaranteed and those interest charges and expenses.
S. 7(3A) inserted by No. 9741 s. 2.
Where the Trust obtains temporary financial accommodation under this section without a guarantee being executed under subsection (3) in favour of the institution person or body lending the money the due repayment or satisfaction of the moneys borrowed and the due payment of any interest or other charges payable thereon is hereby guaranteed by the Government of Victoria.
Any sums required by the Treasurer of Victoria in fulfilling any guarantee given by 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 from the Trust or otherwise in respect of any sums so paid by the Treasurer shall be paid into the Consolidated Fund.
Before a guarantee is given by the Treasurer under this section the Trust shall give to the Treasurer such securities as the Treasurer requires and shall execute all such instruments as are necessary for that purpose.
The Trust shall apply and use all moneys borrowed under the power conferred by this section for the purposes of carrying this Act into effect.
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