South Australian Numbered Acts South Australian Numbered Acts54—Trust's power to borrow etc
(1) An
irrigation trust may borrow money or take advantage of any other form of
financial accommodation.
(2) In order to
provide security for any money borrowed, or other financial accommodation
received, by it, a trust may—
(a)
charge the whole or any part of its property (including its revenue arising
from water supply or drainage charges) by debenture, mortgage or bill of sale
or in any other manner; or
(b)
enter into arrangements for the provision of guarantees or indemnities.
(3) If a trust
defaults in carrying out its obligations under a debenture charged on revenue
arising from water supply or drainage charges, the Supreme Court may, on the
application of a creditor or a trustee for debenture holders—
(a)
—
(i)
direct the trust to appropriate a specified portion of
its revenue to the satisfaction of its obligations under the debenture; or
(ii)
direct the trust to raise a specified amount by way of
charges and direct that the amount raised be applied towards satisfaction of
the trust's obligations under the debenture; and
(b) give
such incidental or ancillary directions as may be necessary or desirable.
(4) The rights of a
creditor or trustee under subsection (3) are in addition to any other
right that exists independently of that subsection.