South Australian Numbered Acts

RENMARK IRRIGATION TRUST ACT 2009 (NO 14 OF 2009) - SECT 56

56—Trust's power to borrow etc

        (1)         The 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, the trust may—

            (a)         charge the whole or any part of its property (including its revenue arising from water supply charges, drainage charges or rates) 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 the trust defaults in carrying out its obligations under a debenture charged on revenue arising from water supply charges, drainage charges or rates, 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 or rates (subject to any other requirement under this Act), 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.