82Public entity not to make loans to directors

82 Public entity not to make loans to directors (1) The powers of a public entity do not include a power, whether directly or indirectly— (a) to make a loan to a director of the public entity or to a relative (as defined in the Corporations Act) of such a director or of a spouse of such a director; or (b) to give a guarantee or provide security in connection with a loan made or to be made by another person to a director or relative referred to in paragraph (a). (2) Nothing in subsection (1) prohibits a public entity entering into an agreement or arrangement with a person referred to in subsection (1) if similar agreements or arrangements are entered into by the public entity with members of the public on the same terms and conditions.