12Guarantee or indemnity

12 Guarantee or indemnity

(1)  On the written request of a company or its subsidiary, the Treasurer, in writing, may guarantee or give an indemnity, or guarantee and give an indemnity, in relation to –

(a) [Section 12 Subsection (1) amended by No. 22 of 2023, s. 9, Applied:01 Jul 2023] .  .  .  .  .  .  .  .  

(b) the performance of an obligation undertaken by the company or subsidiary or which the company or subsidiary has agreed to undertake (whether that obligation is monetary or otherwise).

(2)  A guarantee or an indemnity –

(a) [Section 12 Subsection (2) amended by No. 22 of 2023, s. 9, Applied:01 Jul 2023] .  .  .  .  .  .  .  .  

(b) is subject to any conditions the Treasurer determines.

(3)  The Treasurer is to make any payment required under or arising from a guarantee or indemnity out of money provided by Parliament for the purpose.

(4)  [Section 12 Subsection (4) amended by No. 22 of 2023, s. 9, Applied:01 Jul 2023] [Section 12 Subsection (4) amended by No. 22 of 2023, s. 9, Applied:01 Jul 2023] This section has effect regardless of where the obligation was undertaken, agreed to be undertaken or required to be performed.