26LAdvances in respect of grants

26L Advances in respect of grants

(1) Subject to subsection (2) and to any guideline directions, the Authority may authorize the payment to an eligible company of an advance in respect of a grant that may become payable to the company. (2) The Authority shall not under subsection (1) authorize the payment to an eligible company of an advance in respect of a grant unless the company gives adequate security for the repayment to the Commonwealth by the company of any amount repayable under subsection (3) in relation to the advance. (3) Where an advance has been made to an eligible company in pursuance of subsection (1) in respect of a grant, the company is liable, if the grant does not become payable or the amount of the grant is less than the advance, to repay to the Commonwealth, upon demand being made by the Authority, the amount of the advance or so much of the advance as exceeds the amount of the grant, as the case may be. (4) Without limiting the rights of the Commonwealth under any security given in respect of an advance made to an eligible company in pursuance of subsection (2), an amount repayable under subsection (3) is recoverable by the Commonwealth from the company in a court of competent jurisdiction as a debt due to the Commonwealth.