Co-operative Housing Societies Act 1958
77Aggregate liability under indemnities
Start here
Get a plain-English read of 77
Turn the raw legal text into a practical explanation grounded in Co-operative Housing Societies Act 1958.
77 Aggregate liability under indemnities
S. 77(1) amended by Nos 8160 s. 2, 8298 s. 6, 8586 s. 3, 8786 s. 5(b), 8882 s. 3, 9206 s. 2, 9601 s. 3, 10254 s. 44.
(1) The Treasurer of Victoria shall not enter into any agreement under this Division of this Part where the agreement would involve him in a liability which when added to the total liabilities subsisting in respect of other agreements entered into under this Division of this Part would in the aggregate exceed the amount of $30 000 000 or such other amount as is prescribed by regulation.
S. 77(2) amended by No. 10087 s. 3(1)(Sch. 1 item 19).
(2) Such sums as may from time to time become due and payable by the Treasurer of Victoria under any agreement authorized by this Division of this Part shall be paid out of the Consolidated Fund (which is hereby to the necessary extent appropriated accordingly).
S. 77A inserted by No. 9776 s. 2(c).