Queensland Consolidated Acts

STATUTORY BODIES FINANCIAL ARRANGEMENTS ACT 1982 - SECT 30

30 Treasurer may take security held by person paid guarantee amount

(1) This section applies if—

(a) a statutory body enters into a financial arrangement with a person under this Act or another Act and gives security to the person for the performance of the body’s obligations under the arrangement; and

(b) the Treasurer, under a guarantee under a guarantee section for the financial arrangement, pays the person an amount payable by the body under the arrangement.

(2) The Treasurer is entitled to the benefit of the security to the extent of the guarantee amount.

(3) If the guarantee amount is the same as, or more than, the amount secured by the security—

(a) the person must transfer and deliver the security to the Treasurer; and

(b) the Treasurer may exercise all the powers conferred on the person by the security.

(4) If the guarantee amount is less than the amount secured by the security, the person must, as directed by the Treasurer, realise the security and from the proceeds of the sale—

(a) firstly, pay the costs and expenses of realising the security; and

(b) secondly, pay to the person other amounts owing to the person under the financial arrangement; and

(c) thirdly, pay the recovery amounts to the Treasurer; and

(d) fourthly, pay any balance to the statutory body.