Western Australian Repealed Acts

This legislation has been repealed.

INDUSTRY (ADVANCES) ACT 1947 - SECT 3

3 .         Power to grant financial assistance in certain circumstances

        (1)         The Treasurer, by making or guaranteeing any advance or by arranging for a Bank to make or guarantee any advance or as otherwise provided by this Act, and subject to such terms and conditions as he may impose, may render financial assistance —

            (a)         to an approved applicant engaged in industry;

            (b)         in accordance with a prescribed Scheme, to an approved applicant recommended as eligible to participate in that Scheme; or

            (c)         for the purposes of —

                  (i)         any activity which was, immediately prior to the coming into operation of the Industry (Advances) Amendment Act 1980 , in receipt of financial assistance under this Act; or

                  (ii)         any other Act by virtue of the provisions of which the Treasurer is authorized to render financial assistance under this Act,

                where the Treasurer is satisfied that, in the best interests of the State, such assistance should be given.

        (2)         In respect of any financial assistance rendered under this section, or for the purposes of the implementation of any prescribed Scheme, the Treasurer may —

            (a)         enter into and execute on behalf of the State —

                  (i)         any agreement;

                  (ii)         any instrument of guarantee; or

                  (iii)         any indemnity required for the purposes of The Residual Indemnity Scheme for Small Businesses;

            (b)         take and enforce any security, whether by way of mortgage or otherwise;

            (c)         make payment, repayment, or payment of interest, in accordance with or for the purposes of any agreement or instrument entered into on behalf of the State;

            (d)         subject to any agreement or instrument entered into on behalf of the State, direct the amount, manner and times of the financial assistance, the rate of interest (if any) to be charged, and the manner and times of payment or repayment of the moneys involved in the assistance, whether rendered directly or by or through the Bank; and

                [(e)         deleted]

                in accordance with a direction given under this Act.

        [(3)         deleted]

        (4)         A Bank shall give effect to any arrangement made with it under this Act by —

            (a)         the Treasurer; or

            (b)         a person to whom the power to make such arrangements has been delegated under section 3A.

        [Section 3 inserted by No. 79 of 1980 s.5; amended by No. 46 of 1982 s.2; No. 14 of 1995 s.44.]