Government Guarantees Act 1934
3AGuarantees for industrial purposes
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3A Guarantees for industrial purposes
3A Guarantees for industrial purposes
(1) Subject to subsection (2), it shall be lawful for the Treasurer, upon the recommendation of the Minister for Decentralisation and Development and with the approval of the Governor, to execute a guarantee, either alone or jointly with some other person, in favour of any bank, building society or credit union or other person (not being a co-operative society within the meaning of the Co-operation Act 1923) for the repayment of moneys expended or to be expended on:
(a) the acquisition of land, or land and buildings thereon,
(b) the construction, improvement or alteration of buildings, or
(c) the acquisition of plant, machinery or equipment,
used or to be used for the conduct of a country industry, as defined in the State Development and Industries Assistance Act 1966 immediately before its repeal by the Trade and Investment Cluster Governance (Amendment and Repeal) Act 2014.
(2) The Treasurer shall not execute a guarantee referred to in subsection (1) if the amount of the guarantee exceeds ninety per centum of the estimated value of the land or land and buildings thereon, of the estimated cost of the works of construction, improvement or alteration, or of the estimated value of the plant, machinery or equipment, as the case may be, such estimated value or cost to be ascertained in such manner as the Treasurer may direct.
(3) The Treasurer may enter into an agreement with a council within the meaning of the Local Government Act 1993 for the payment by that council to the Treasurer of part of any moneys paid under any guarantee given by the Treasurer under subsection (1).
(4) The execution by the Treasurer, either alone or jointly with some other person, of a guarantee under this section shall, in favour of the creditor, be conclusive evidence that the requirements of this section with respect to the guarantee have been complied with.
s 3A: Ins 1966 No 10, sec 37. Am 1972 No 49, sec 2 (e); 1972 No 65, sec 3; 1995 No 11, Sch 1; 1996 No 24, Sch 1; 1999 No 31, Sch 3.8; 2014 No 26, Sch 3.4.