60Treasurer’s guarantee for co-operative housing society loans

#### 60 Treasurer’s guarantee for co-operative housing society loans 60 Treasurer’s guarantee for co-operative housing society loans > > (1) The Treasurer may, on the recommendation of the New South Wales Land and Housing Corporation, execute a guarantee in favour of any person approved by the Treasurer, for the repayment of any advance to a co-operative housing society made or to be made by the person. > > > (2) Sections 4 and 5 of the [Government Guarantees Act 1934](/view/html/inforce/current/act-1934-057) apply to a guarantee authorised by this section in the same way as they apply to a guarantee authorised by that Act, except as provided by subsections (3) and (4). > > > (3) The guarantee is to be part of a three-party loan and guarantee agreement between the lender (being the approved person concerned), the Treasurer and the co-operative housing society under which, in consideration for the advance to be made by the lender to the co-operative housing society and the guarantee to be given by the Treasurer— > > > > > (a) the co-operative housing society and the lender undertake to observe the terms and conditions specified in the agreement, and > > > > > (b) the co-operative housing society creates a charge in favour of the Treasurer over the securities given to the society by its members in respect of loans to be made from the advance. > > > (4) The society concerned must lodge with the Registrar a copy of each such three-party loan and guarantee agreement entered into by the society as soon as practicable after it is entered into. > > > (5) The guarantee is enforceable against the Treasurer and the Consolidated Fund even though the lender is not authorised— > > > > > (a) to hold any security in respect of the debt guaranteed (other than the guarantee), or > > > > > (b) to appoint a receiver or manager of the property of the co-operative housing society. > > > (6) The Treasurer may delegate to any Minister any or all of the Treasurer’s functions under this section. > > **s 60:** Am 2001 No 52, Sch 1.2 \[2\].