Queensland Consolidated Acts

CITY OF BRISBANE ACT 2010 - SECT 108

108 Councillors liable for loans to individuals

(1) The council must not, either directly or indirectly, make or guarantee a loan to an individual.

(2)
"Guarantee a loan" includes provide a security in connection with a loan.

(3) The councillors who knowingly agree to loan the money are jointly and severally liable to pay the council—

(a) the amount of the loan; and

(b) interest on the amount of the loan, at the rate at which interest accrues on overdue rates, calculated from the day of the borrowing to the day of repayment; and

(c) any fees, charges, penalties or other expenses incurred by the council in relation to the loan.

(4) Those amounts may be recovered as a debt payable to the council.