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GOVERNMENT GUARANTEES ACT 1934 - SECT 3
Authority for Treasurer to guarantee overdraft accounts etc
3 Authority for Treasurer to guarantee overdraft accounts etc
(1) It shall be lawful for the Treasurer, upon the recommendation of the
Minister for Health, with the approval of the Governor, to execute a guarantee
in favour of any bank, building society or credit union in respect of the
overdraft account with the bank, building society or credit union or of any
indebtedness to the bank, building society or credit union of any statutory
health corporation or affiliated health organisation within the meaning of the
Health Services Act 1997 .
(2) It shall be lawful for the Treasurer with the
approval of the Governor to execute a guarantee in favour of any bank,
building society or credit union, or of any other body of persons, corporate
or unincorporate, approved by the Minister (in this Act referred to as
"approved body" ) for the repayment of any advance made or to be made by the
bank, building society, credit union or approved body, as the case may be: (a)
to any marketing board within the meaning of the Marketing of Primary Products
Act 1927 , or
(b) to any society (other than a co-operative housing society)
within the meaning of the Co-operation Act 1923 , or
(c) to any society
within the meaning of the Permanent Building Societies Act 1967 :
Provided
further that where any such guarantee is for the repayment of any advance to a
community settlement society within the meaning of the Co-operation Act 1923 ,
it shall not be executed except upon the recommendation of the Co-operative
Farms Purchase Promotion Committee constituted under that Act.
(3) It shall
be lawful for the Treasurer, upon the recommendation of the Farmers' Relief
Board and with the approval of the Governor, to execute a guarantee in favour
of any bank in respect of the account with the bank of a supervisor within the
meaning of the Farmers' Relief Act 1932 .
(4) It shall be lawful for the
Treasurer, with the approval of the Governor, but subject to this Act, to
renew any guarantee validated by this Act or by the Housing (Further
Provisions) Act 1937 for such further period or periods as the Treasurer may
think fit, and either upon the same terms and conditions or upon such other
terms and conditions and for the same amount or such other amount as may be
agreed upon by the Treasurer, the bank and the debtor.
(5) Nothing in this
section shall require the renewal of a continuing guarantee validated by this
Act or by the Housing (Further Provisions) Act 1937 or prejudice its operation
as a continuing guarantee.
(5A) (a) It shall be lawful for the Treasurer with
the approval of the Governor to execute a guarantee in favour of any bank in
respect of the overdraft account with the bank of any person or body of
persons corporate or unincorporate with whom the Treasurer has entered into an
agreement pursuant to section 13A of the
Cinematograph Films (Australian Quota) Act 1935 .
(b) The Treasurer shall
not execute a guarantee under this subsection after the thirty-first day of
December, one thousand nine hundred and thirty-nine.
(5B) It shall be lawful
for the Treasurer with the approval of the Governor to execute a guarantee in
favour of any bank in respect of the overdraft account with the bank of The
Metropolitan Meat Industry Commissioner.
(5C) (a) It shall be lawful for the
Treasurer, upon the recommendation of the Minister for Agriculture and with
the approval of the Governor, to execute a guarantee in favour of any bank,
building society or credit union, or of any other body of persons, corporate
or unincorporate, approved by the Treasurer (in this Act referred to as
"approved body" ) for repayment of any advance to a society or company, being
the owner or engaged in the operation of a factory for the processing of milk
or other dairy products, or any such society and company acting together, for
the purpose of providing facilities for bulk handling and transportation of
milk.
(b) In this subsection:
"society" means a society within the meaning of the Co-operation Act 1923 .
"company" means a company within the meaning of the Corporations Act 2001 of
the Commonwealth.
(c) The provisions of this subsection in relation to a
society shall be additional to and not in derogation of the provisions of
paragraph (b) of subsection (2).
(5D) It shall be lawful for the Treasurer
with the approval of the Governor to execute a guarantee in favour of any
bank, building society or credit union, or other body of persons, corporate or
unincorporate, approved by the Treasurer (in this Act referred to as
"approved body" ) for the repayment of any advance to the Trustees of The
Labor Council of New South Wales, a trade union registered under the Trade
Union Act 1881 , as subsequently amended, for purposes connected with a new
Trades Hall or other like purposes.
(5E) It shall be lawful for the Treasurer
with the approval of the Governor to execute a guarantee in favour of any
bank, building society or credit union in respect of the overdraft account
with the bank, building society or credit union of the Hunter Valley
Conservation Trust.
(5F) It shall be lawful for the Treasurer, with the
approval of the Governor, to execute a guarantee in favour of any bank,
building society or credit union in respect of the overdraft account with the
bank, building society or credit union of the New South Wales Meat Industry
Authority.
(5G) It shall be lawful for the Treasurer, upon the recommendation
of the Minister for Sport and Recreation, and with the approval of the
Governor, to execute a guarantee in favour of a bank, building society or
credit union or other body of persons, corporate or unincorporate, approved by
the Treasurer (in this Act referred to as the
"approved body" ) for the repayment of any money borrowed pursuant to section
24 of the Sydney Cricket and Sports Ground Act 1978 .
(5H) It shall be
lawful for the Treasurer, upon the recommendation of the Minister for Health
and with the approval of the Governor, to execute a guarantee in favour of any
bank, building society or credit union, or other body of persons, corporate or
unincorporate, approved by the Treasurer (in this Act referred to as
"approved body" ) for the repayment of any advance to the Australasian
Conference Association Limited, a company within the meaning of the
Companies Act 1961 , for the purpose of providing extensions to the body
formerly known as the Sydney Sanitarium and Hospital, Wahroonga, and now known
as the Sydney Adventist Hospital, Wahroonga, and for other purposes connected
therewith.
(5I) It shall be lawful for the Treasurer, on the recommendation
of the Minister for Health and with the approval of the Governor, to execute a
guarantee in favour of the Bank of New South Wales for the repayment of any
advance to the Trustees of the Sisters of Charity of Australia, a body
corporate constituted under the Roman Catholic Church Communities' Lands Act
1942 , for the purpose of rebuilding St. Vincent's Private Hospital,
Darlinghurst, and for other purposes connected therewith.
(5J) It shall be
lawful for the Treasurer, upon the recommendation of the Minister for the Arts
and with the approval of the Governor, to execute a guarantee in favour of any
bank or other body of persons, corporate or unincorporate, approved by the
Treasurer (in this Act referred to as
"approved body" ) for the repayment of any advance to the Nimrod Theatre
Company Limited.
(6) Any guarantee executed by the Treasurer under this Act
may be made by way of increase of the amount of the Treasurer's liability as
stated in a previous guarantee given under this Act, and may be made upon such
terms and conditions as are prescribed or as the Treasurer may determine.
The enactment of this subsection shall not affect subsections (1), (2) and
(3).
(7) The approval of the Governor to the execution of any guarantee under
this section shall be conclusive evidence that the guarantee has not been
entered into in contravention of this section.
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