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TREASURY CORPORATION OF VICTORIA ACT 1992 - SECT 36K

Financial obligations of VHB

    (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 VHB, or financial obligations included in a class of financial obligations of VHB, 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 VHB in and in respect of the financial accommodation or a financial arrangement to which the financial obligations specified in the Order relate vest in the Corporation; and

        (b)     all financial obligations of VHB in respect of that financial accommodation or financial arrangement become obligations of the Corporation; and

S. 36K(2)(c) amended by No. 74/2000 s. 3(Sch. 1 item 131).

        (c)     VHB ceases to have any rights or obligations in respect of that financial accommodation or financial arrangement; and

        (d)     any rights or obligations in respect of that financial accommodation or financial arrangement which are not assumed by the Corporation under this Part are extinguished; and

        (e)     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.

    (3)     Despite the making of an Order under subsection (1) relating to financial obligations of VHB—

S. 36K(3)(a) amended by No. 40/2022 s. 59(2)(a).

        (a)     Homes Victoria must pay to the Corporation such amounts, and at such times, as VHB 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 Homes Victoria otherwise agree; and

S. 36K(3)(b) amended by No. 40/2022 s. 59(2)(b).

        (b)     the Corporation must pay to Homes Victoria such amounts, and at such times, as VHB 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 Homes Victoria otherwise agree.

S. 36K(4) amended by No. 40/2022 s. 59(3).

    (4)     An amount payable under subsection (3) may be recovered in a court of competent jurisdiction as a debt due to the Corporation or Homes Victoria as the case requires.

S. 36L inserted by No. 61/1995 s. 16.



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