Victorian Current Acts Victorian Current Acts(1) The Governor in Council, on the recommendation of the Treasurer, may, by Order published in the Government Gazette, declare that the financial obligations of a public authority, or financial obligations included in a class of financial obligations of a public authority, specified in the Order, being financial obligations that are governed by the law of Victoria, are to be taken to be liabilities of the Corporation.
(2) On the publication of an Order under subsection (1)—
(a) all rights of the public authority in and in respect of the financial accommodation, a financial arrangement or inscribed stock to which the financial obligations specified in the Order relate vest in the Corporation; and
(b) all obligations of the public authority in respect of that financial accommodation, financial arrangement or inscribed stock become obligations of the Corporation; and
(c) the public authority ceases to have any rights or obligations in respect of that financial accommodation, financial arrangement or inscribed stock; and
(d) in the case of a financial obligation relating to financial accommodation which is evidenced by an instrument, the instrument has effect as if it were a security issued by the Corporation, unless it is surrendered under this section in exchange for a similar security.
(3) Despite the making of an Order under subsection (1) relating to financial obligations of a public authority—
(a) the public authority must pay to the Corporation such amounts, and at such times, as the public authority would have been liable to pay in respect of those financial obligations if the Order had not been made, except in so far as the Corporation and the public authority otherwise agree; and
(b) the Corporation must pay to the public authority such amounts, and at such times, as the public authority would have been entitled to receive in respect of the financial obligations if the Order had not been made, except in so far as the Corporation and the public authority otherwise agree.
(4) An amount payable under subsection (3) may be recovered in a court of competent jurisdiction as a debt due to the Corporation or the public authority, as the case requires.
(5) Despite anything in the constituting Act of a public authority—
(a) the holder of a security affected by this section is entitled, upon surrender of, or giving an indemnity in terms approved by the Corporation in respect of, the security, to be issued in exchange with a security by the Corporation, being a security corresponding in all respects to the first-mentioned security, except for the issuer; and
(b) upon the issue of that corresponding security, the original security is cancelled.
(6) For the purpose of calculating the interest payable on a security issued under subsection (5), the interest payable includes interest accruing and unpaid in respect of the original security as at the date of its cancellation.
(7) A public authority must pay to the Corporation the amount, if any, determined by the Treasurer to defray the cost of issuing securities corresponding to securities of the public authority cancelled under this section.
S. 36E inserted by No. 31/1993 s. 6.