3BGuarantees for development of the tourist industry

3B Guarantees for development of the tourist industry

3B Guarantees for development of the tourist industry

(1) Subject to subsection (2), the Treasurer may, upon the recommendation of the Minister administering the Tourism Commission Act 1984, and with the approval of the Governor, 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 development of the tourist industry in the State.

(2) Subsections (2), (3) and (4) of section 3A apply in respect of guarantees under this section in the same way as they apply in respect of guarantees under that section.

s 3B: Ins 1976 No 58, sec 31. Am 1984 No 48, sec 3; 1996 No 24, Sch 1.