Western Australian Numbered Acts

PERRY LAKES REDEVELOPMENT ACT 2005 (NO. 43 OF 2005) - SECT 44

44 .         Power to borrow

        (1)         The WALA or the AK Reserve Minister may, if the Treasurer approves, borrow sums of money upon the guarantee of the Treasurer for the purposes of carrying out the WALA’s functions under section 11 or the Minister’s functions under section 12, as the case requires.

        (2)         The WALA or the AK Reserve Minister may borrow money with the prior approval in writing of the Treasurer, but not otherwise, and any borrowing is to be upon terms and conditions that the Treasurer approves.

        (3)         This section authorises the Treasurer, for and on behalf of the State, to give any approval or guarantee that this section requires and the guarantee may include the guarantee of interest.

        (4)         Any money borrowed by the WALA or the AK Reserve Minister under this section may be raised as one loan or as several loans and in any manner that the Treasurer may approve.

        (5)         Before a guarantee is given by the Treasurer under this section, the WALA or the AK Reserve Minister must give to the Treasurer any security that the Treasurer requires and execute any instruments necessary for giving that security.

        (6)         Moneys borrowed under this section can only be used for a purpose referred to in subsection (1).

        (7)         The due payment of money payable by the Treasurer under a guarantee under this section is to be charged to and paid out of the Consolidated Fund, and this subsection appropriates that fund accordingly.