27Treasurer may execute guarantees in respect of project

27 Treasurer may execute guarantees in respect of project (1) The Treasurer, on such terms and conditions as the Treasurer thinks fit, may— (a) execute a guarantee in favour of a person or body in respect of the performance of any obligation by a person or body under an agreement or contract relating to a nominated project; or S. 27(1)(b) amended by No. 46/1997 s. 16(1)(a). (b) execute an indemnity or covenant in favour of a person or body in respect of any expense, loss, damage, cost or liability incurred or that may be incurred by that person or body under or in respect of an agreement or contract relating to a nominated project. (2) The Treasurer must not execute a guarantee, indemnity or covenant under subsection (1) unless he or she has first obtained the written consent of— S. 27(2)(a) amended by No. 46/1997 s. 16(1)(b). (a) in the case of a guarantee, indemnity or covenant relating to the obligations of the Crown under an agreement or contract, each Minister who is a party to the agreement or contract; or (b) in any other case— (i) any public body which is a party to the agreement or contract in relation to which the guarantee, indemnity or covenant is to be given; and (ii) the Minister administering the Act by or under which that public body is constituted. (3) Section 30 of the **Borrowing and Investment Powers Act 1987** applies to a guarantee, indemnity or covenant under subsection (1) as if it were a guarantee, indemnity or covenant under Part 5 of that Act.