Victorian Current Acts

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TREASURY CORPORATION OF VICTORIA ACT 1992 - SECT 50A

Validation

    (1)     If, before the commencement of section 45, VicFin entered into, or purported to enter into, a transaction or arrangement for, with or on behalf of a person, body or entity that was not, or may not have been, a participating authority within the meaning of the Victorian Public Authorities Finance Act 1984 , the transaction or arrangement is to be taken to have been authorised, and may be enforced, as if it were a transaction or arrangement that VicFin had been authorised to enter into under that Act.

    (2)     The validity of an act or transaction of the Corporation, as the successor in law of VicFin, shall not be called into question in any proceedings on the ground that a person, body or entity was not, or may not have been, a participating authority within the meaning of the Victorian Public Authorities Finance Act 1984 when VicFin entered into, or purported to enter into, a transaction or agreement for, with or on behalf of that person, body or entity.

    (3)     Nothing in this section—

        (a)     is to be regarded as placing the Corporation, the State or any other person in breach of contract or confidence or as otherwise making the Corporation, the State or any other person guilty of a civil wrong; or

        (b)     is to be regarded as placing a person in breach of or as constituting a default under any Act or other law or any provision of an agreement, arrangement or understanding including, without limiting the generality of the foregoing, any provision prohibiting, restricting or regulating the assignment or transfer of any right or liability or the disclosure of any information; or

        (c)     is to be regarded as fulfilling any condition which allows a person to terminate any agreement or obligation or modifying the effect of any agreement or requiring any money to be paid, or declaring any money to be payable before its stated maturity; or

        (d)     releases any surety or other obligee wholly or in part from any obligation.

S. 50B inserted by No. 35/1994 s. 5.



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