Victorian Current Acts Victorian Current Acts(1) The Governor in Council, on the recommendation of the Treasurer, may, by Order, declare that the financial obligations of a public authority, or financial obligations of a public authority included in a class of financial obligations specified in the Order, being financial obligations that are governed by a law other than the law of Victoria, are financial obligations to which this section relates.
(2) The Corporation and the public authority, with or without any other party, may enter into an arrangement for an assumption, or that has the effect of an assumption, by the Corporation of the public authority's rights and obligations in respect of the financial accommodation or financial arrangements to which the financial obligations specified in an Order under subsection (1) relate.
(3) An arrangement under subsection (2) may include—
(a) an arrangement under which the Corporation is substituted for the public authority as a party to a transaction;
(b) the assumption of rights or liabilities, or both, of the public authority by the Corporation by way of novation;
(c) an arrangement under which the public authority indemnifies the Corporation in respect of the obligations under the financial obligations;
(d) any arrangement of a kind approved by the Treasurer for the purposes of this section.
S. 36F inserted by No. 31/1993 s. 6.