83Provision in case of default by Authority in respect of debentures

83 Provision in case of default by Authority in respect of debentures S. 83(1) amended by No. 9928 s. 10(1)(b)(i)(ii). (1) If the Authority at any time makes default in paying any principal or interest secured by any debenture or in making the prescribed provision for the redemption of debentures, the Minister shall be entitled to receive from the Treasurer of Victoria and to receive and recover from the insurance companies either the whole of the annual contributions which would otherwise have been payable to the Authority or such part thereof as the Treasurer of Victoria determines to be necessary for the purposes of paying any principal or interest in arrear or making the prescribed provision for the redemption of debentures, and shall apply to such purposes the moneys so received. (2) Nothing in this section shall be deemed to take away any right of action or procedure which any debenture holder at any time has in respect of the property and revenue of the Authority. No. 5040 s. 60. S. 84 substituted by No. 43/1987