32Development Victoria not to make loans to directors

32 Development Victoria not to make loans to directors

S. 32(1) amended by No. 10/2017 s. 24(3).

(1) The powers of Development Victoria do not include a power, whether directly or indirectly—

S. 32(1)(a) amended by No. 10/2017 s. 24(3).

(a) to make a loan to a director of Development Victoria, a spouse of such a director, or a relative (as defined in the Corporations Act) of such a director or spouse; or

(b) to give a guarantee or provide security in connection with a loan made or to be made by another person to a director, spouse or relative referred to in paragraph (a).

S. 32(2) amended by No. 10/2017 s. 24(3).

(2) Nothing in subsection (1) prohibits Development Victoria entering into an agreement or arrangement with a person referred to in subsection (1) if similar agreements or arrangements are entered into by Development Victoria with members of the public on the same terms and conditions.