Western Australian Current Acts Western Australian Current Acts (1) Subject to
subsection (2) the Commission in addition to the powers conferred on it by
section 26, may at any time and from time to time, with the approval of the
Governor, borrow money on the security of the assets of the Commission or upon
a guarantee as provided in subsection (3) —
(a) for
the effectual exercise by the Commission of its powers and functions under
this Act;
(b) to
discharge the principal moneys and interest thereon owing by the Commission in
respect of any existing loan or for the consolidation of the debts of the
Commission;
(c) for
any other purpose approved by the Governor.
(2) The Governor shall
not approve, for the purposes of subsection (1), unless a written proposal
specifying —
(a) the
term and particulars of the proposed loan; and
(b) the
rate of interest to be paid on the amount of the loan; and
(c) the
purposes to which the amount of the loan is to be applied; and
(d) the
manner in which the loan is to be repaid,
is first submitted by
the Commission to, and approved by, the Treasurer.
(3) The Treasurer may,
in the name and on behalf of the Crown in right of the State, guarantee
repayment of the principal moneys and interest thereon in respect of moneys
borrowed by the Commission under this section and any liability of the Crown
arising out of the guarantee is to be charged to the Consolidated Account
which, to the necessary extent, is appropriated accordingly.
(4) Any moneys
borrowed by the Commission under this section may be raised as one loan or as
several loans and in such manner as may be prescribed or as the Governor may
approve.
(5) The Commission
shall set aside half-yearly by way of a sinking fund, for the purpose of
redeeming any moneys borrowed by it under this section, an amount calculated
at a rate approved by the Governor and the Treasurer.
[Section 27 amended: No. 98 of 1985 s. 3; No. 6 of
1993 s. 11; No. 49 of 1996 s. 64; No. 77 of 2006 s. 4.]