Version incorporating amendments as at
30 August 2012
table of provisions
Section Page
1 Short title and commencement 1
2 Definitions 1
3 Power of Treasurer to execute guarantees 2
4 Appropriation 3
5 Statement of Guarantees to be tabled 3
ENDNOTES 4
General Information 4
Table of Amendments 5
Explanatory Details 6
Version No.013
Educational Institutions (Guarantees) Act 1976
No. 8901 of 1976
Version incorporating amendments as at
30 August 2012
An Act to authorize the Treasurer of Victoria to guarantee the Repayment of Loans made to certain Educational Institutions and for other purposes.
BE IT ENACTED by the Queen's Most Excellent Majesty by and with the advice and consent of the Legislative Council and the Legislative Assembly of Victoria in this present Parliament assembled and by the authority of the same as follows (that is to say):
1 Short title and commencement
(1) This Act may be cited as the Educational Institutions (Guarantees) Act 1976.
(2) This Act shall come into operation on the day on which it receives the Royal Assent.
(1) Subject to this section the Treasurer of Victoria may execute a guarantee in favour of any person or body guaranteeing the repayment of a loan made or to be made by that person or body to the school authority of an educational institution.
(2) A guarantee by the Treasurer pursuant to subsection (1) shall be executed only in respect of a loan—
(a) for school purposes approved by the Treasurer; and
(b) the terms and conditions of which have been approved by the Treasurer.
(3) The following provisions shall apply to and in respect of any guarantee under this Act—
(a) the guarantee may include any interest charges and expenses chargeable by the creditor against the institution and the expenses of enforcing or obtaining or endeavouring to enforce or obtain payment of the amount guaranteed and those interest charges and expenses;
(b) the creditor shall, if required to do so by the Treasurer, obtain take and hold or retain and hold securities of such nature as the Treasurer may require for the payment of the amount guaranteed;
S. 3(3)(c) amended by No. 9435 s. 2.
(c) the guarantee shall not be enforceable against the Treasurer of Victoria unless and until the creditor has exercised his rights and remedies under all securities held by or for him in respect of the amount borrowed to the satisfaction of the Treasurer;
(d) the creditor shall not without the consent in writing of the Treasurer assign or encumber the benefit of the guarantee;
(e) the guarantee shall be in such form and shall be subject to such other terms and conditions as the Treasurer thinks fit.
S. 3(4) inserted by No. 9435 s. 3.
(4) The power of the Treasurer to execute a guarantee in respect of a loan for school purposes extends to, and shall be deemed to have always extended to, a loan which is made or to be made to the school authority of an educational institution for the purpose of refinancing in whole or in part a loan made and expended for school purposes.
4 Appropriation
s. 4
All sums that may from time to time become due and payable by the Treasurer under any guarantee authorized by the Act shall be paid out of the Works and Services Account which is hereby to the necessary extent appropriated accordingly.
5 Statement of Guarantees to be tabled
The Treasurer shall as soon as practicable after the end of each financial year cause to be laid before both Houses of Parliament a statement setting out in respect of guarantees executed during the financial year by the Treasurer—
(a) the name and address of the educational institution concerned;
(b) the amount and term of the loan and the interest payable thereon; and
(c) details of the school purposes for which the loan was made.
ENDNOTES
Endnotes
General Information
The Educational Institutions (Guarantees) Act 1976 was assented to on 30 November 1976 and came into operation on 30 November 1976: section 1(2).
Table of Amendments
Endnotes
This Version incorporates amendments made to the Educational Institutions (Guarantees) Act 1976 by Acts and subordinate instruments.