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GOVERNMENT GUARANTEES ACT 1934 - SECT 3A
Guarantees for industrial purposes
3A Guarantees for industrial purposes
(1) Subject to subsection (2), it shall be lawful for the Treasurer, upon the
recommendation of the Minister for Decentralisation and Development and with
the approval of the Governor, to execute a guarantee, either alone or jointly
with some other person, in favour of any bank, building society or credit
union or other person (not being a co-operative society within the meaning of
the Co-operation Act 1923 ) for the repayment of moneys expended or to be
expended on: (a) the acquisition of land, or land and buildings thereon,
(b)
the construction, improvement or alteration of buildings, or
(c) the
acquisition of plant, machinery or equipment,
used or to be used for the
conduct of a country industry, as defined in the
State Development and Industries Assistance Act 1966 immediately before its
repeal by the Trade and Investment Cluster Governance (Amendment and Repeal)
Act 2014 .
(2) The Treasurer shall not execute a guarantee referred to in
subsection (1) if the amount of the guarantee exceeds ninety per centum of the
estimated value of the land or land and buildings thereon, of the estimated
cost of the works of construction, improvement or alteration, or of the
estimated value of the plant, machinery or equipment, as the case may be, such
estimated value or cost to be ascertained in such manner as the Treasurer may
direct.
(3) The Treasurer may enter into an agreement with a council within
the meaning of the Local Government Act 1993 for the payment by that council
to the Treasurer of part of any moneys paid under any guarantee given by the
Treasurer under subsection (1).
(4) The execution by the Treasurer, either
alone or jointly with some other person, of a guarantee under this section
shall, in favour of the creditor, be conclusive evidence that the requirements
of this section with respect to the guarantee have been complied with.
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