5Minister may approve assistance

5 Minister may approve assistance

(1)  The Minister may, for the purpose of supporting the creative and cultural industries, approve the provision to any person or organisation of assistance of such nature and on such terms and conditions as the Minister considers suitable in the circumstances.

(2)  Without prejudice to the generality of the provisions of subsection (1) , assistance may take the form of –

(a) grants or subsidies; or

(b) loans; or

(c) payments to meet in whole or in part the losses incurred in the carrying out of any operation or activity; or

(d) equity investment; or

(e) scholarships; or

(f) any other initiative or means of assistance that the Minister considers appropriate.

(3)  The powers conferred on the Minister by this section to approve the provision of assistance to any person or organisation include power to enter into and carry out, on behalf of the Crown, an agreement for the commissioning of any work to be carried out by that person or organisation, or for the purchase or acquisition of any such work or of any rights with respect to such work, and, on behalf of the Crown, to deal with any property, or exercise any rights, vested in the Crown pursuant to any such agreement.

(4)  A loan under this Act is to be at such rate of interest as the Treasurer may approve and on such security and on such terms and conditions in respect of repayment and otherwise as the Minister determines.

(5)  The Minister, by instrument in writing, may delegate to a State Service employee or State Service officer the power to approve the provision of assistance, subject to any conditions specified in the instrument of delegation.