Victoria act

Mercy Private Hospital (Guarantee) Act 1971

In ForceVIC

Jurisdiction

Victoria

Collection

act

Plain English Summary

2/10 complexity

Authorises the Victorian Treasurer to guarantee loans to the Sisters of Mercy Property Association so it can borrow for Mercy Private Hospital renovations, subject to an aggregate principal cap of $800,000 (s.2(1); s.3(1)). Guarantees may cover interest, lender expenses and enforcement costs and are in the Treasurer’s chosen form and terms (s.2(2)(a)–(b)). Payments under guarantees are charged to the Consolidated Fund (s.3(2)). This shifts repayment risk from the borrower to the State and gives the Treasurer broad discretion over guarantee terms.

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Mercy Private Hospital (Guarantee) Act 1971

Victorian Legislation and Parliamentary Documentsi Version No. 001 Mercy Private Hospital (Guarantee) Act 1971 Act No. 8158/1971 Version as at 14 February 2000 TABLE OF PROVISIONS Section Page

Short title 2
Power to Treasurer to execute guarantees 2
Total Principal sums guaranteed not to exceed $800 000 2 ═══════════════ ENDNOTES 4
General Information 4
Table of Amendments 5
Explanatory Details 6

Victorian Legislation and Parliamentary Documents1 Version No. 001 Mercy Private Hospital (Guarantee) Act 1971 Act No. 8158/1971 Version as at 14 February 2000 An Act to authorize the Treasurer of Victoria to guarantee Repayment of certain Moneys proposed to be borrowed by the Sisters of Mercy Property Association and for other purposes. Preamble WHEREAS a private hospital called the Mercy Private Hospital which is situated in Grey Street, East Melbourne, is administered on behalf of the Congregation of the Sisters of Mercy by a body corporate registered in Victoria and named the Sisters of Mercy Property Association: AND WHEREAS the Sisters of Mercy Property Association wishes to make renovations and additions to the said Mercy Private Hospital: AND WHEREAS the Government of Victoria wishes to assist the said body corporate in carrying out their plan for such renovations and additions to the said hospital: AND WHEREAS the said body corporate will be able to borrow the moneys required to defray the cost of such renovations and additions if the repayment of the moneys is guaranteed by the Government of Victoria: AND WHEREAS it is expedient to make provision as hereinafter enacted:

Victorian Legislation and Parliamentary DocumentsAct No. 8158/1971 Mercy Private Hospital (Guarantee) Act 1971 2 BE IT THEREFORE 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):

Short title This Act may be cited as the Mercy Private Hospital (Guarantee) Act 1971.
Power to Treasurer to execute guarantees (1) The Treasurer may execute in favour of any person a guarantee guaranteeing the repayment of any loan to be made by that person to the Sisters of Mercy Property Association. (2) A guarantee by the Treasurer pursuant to sub- section (1)— (a) shall be in such form and subject to such terms and conditions as he thinks fit; and (b) may extend to any interest charges and expenses chargeable by the person making the loan and the expenses of enforcing or obtaining or endeavouring to enforce or obtain repayment of the loan guaranteed and such interest charges and expenses.
Total Principal sums guaranteed not to exceed $800 000 (1) The Treasurer shall not execute any guarantee under this Act where such guarantee would involve him in a liability in respect of the principal sum of any loan which when added to the total liabilities in respect of other principal sums guaranteed pursuant to the powers conferred by section 2 would in the aggregate exceed the amount of $800 000. s. 1

Victorian Legislation and Parliamentary DocumentsAct No. 8158/1971 Mercy Private Hospital (Guarantee) Act 1971 3 (2) Such sums as may from time to time become due and payable by the Treasurer under any guarantee authorized by this Act shall be paid out of the Consolidated Fund (which is hereby to the necessary extent appropriated accordingly). ═══════════════ s. 3

Victorian Legislation and Parliamentary DocumentsAct No. 8158/1971 Mercy Private Hospital (Guarantee) Act 1971 4 ENDNOTES

General Information The Mercy Private Hospital (Guarantee) Act 1971 was assented to on 26 October 1971 and came into operation on 26 October 1971. Endnotes

Victorian Legislation and Parliamentary DocumentsAct No. 8158/1971 Mercy Private Hospital (Guarantee) Act 1971 5 2. Table of Amendments There are no amendments made to the Mercy Private Hospital (Guarantee) Act 1971 by Acts and subordinate instruments. Endnotes

Victorian Legislation and Parliamentary DocumentsAct No. 8158/1971 Mercy Private Hospital (Guarantee) Act 1971 6 3. Explanatory Details No entries at date of publication. Endnotes

Source text

Sourced from Victorian Legislation (legislation.vic.gov.au), CC BY 4.0.

1 Mercy Private Hospital (Guarantee) Act 1971

Victorian Legislation and Parliamentary Documentsi Version No. 001 Mercy Private Hospital (Guarantee) Act 1971 Act No. 8158/1971 Version as at 14 February 2000 TABLE OF PROVISIONS Section Page

Short title 2
Power to Treasurer to execute guarantees 2
Total Principal sums guaranteed not to exceed $800 000 2 ═══════════════ ENDNOTES 4
General Information 4
Table of Amendments 5
Explanatory Details 6

Short title This Act may be cited as the Mercy Private Hospital (Guarantee) Act 1971.
Power to Treasurer to execute guarantees (1) The Treasurer may execute in favour of any person a guarantee guaranteeing the repayment of any loan to be made by that person to the Sisters of Mercy Property Association. (2) A guarantee by the Treasurer pursuant to sub- section (1)— (a) shall be in such form and subject to such terms and conditions as he thinks fit; and (b) may extend to any interest charges and expenses chargeable by the person making the loan and the expenses of enforcing or obtaining or endeavouring to enforce or obtain repayment of the loan guaranteed and such interest charges and expenses.