New South Wales Consolidated Acts

GOVERNMENT SECTOR FINANCE ACT 2018 - SECT 6.17

6.17 Guarantees and indemnities concerning money in banking accounts under State financial service agreement

(1) The Treasurer may, on behalf of the State, guarantee to the holder of a banking account the repayment of money in the account if--

(a) the banking account is continued, established or operated under a State financial service agreement, and

(b) the holder--

(i) has been directed under this Division to use the account, or

(ii) uses the account with the Treasurer's approval even though the holder is not required to do so.

(2) The Treasurer may, on behalf of the State or GSF agencies, give guarantees and indemnities in connection with banking account structuring under a State financial service agreement.

(3) Anything done by the Treasurer under subsection (2) in relation to a banking account has the same effect in law as if it had been done by the holder of the account.