sec.33Discretionary guarantees

### sec.33 Discretionary guarantees The Treasurer, on behalf of the Government, may guarantee, subject to and in accordance with the approval of the Governor in Council, the due payment of all or part of the moneys from time to time payable and the due performance of any other obligations undertaken in accordance with financial arrangements or other arrangements entered into by the Corporation. A guarantee under subsection (1) may be given— by way of an instrument of guarantee; or by way of an order in council; or in such other form or manner as the Treasurer thinks fit. Where a guarantee is given by way of an order in council, the order shall specify the terms and conditions to which the guarantee shall be subject, the guarantee shall become effective upon the publication of the order in the gazette or on such later date as is specified in the order as the date on which the guarantee is to become effective and the Treasurer shall be deemed to thereby guarantee the due payment of the moneys or the due performance of any other obligations to which the order relates. Notwithstanding that a guarantee has been given by way of an order in council the Treasurer may in addition give the Treasurer’s guarantee by way of an instrument of guarantee or in such other form or manner as the Treasurer thinks fit and a guarantee so given shall take effect according to its terms. The Treasurer may, in giving a guarantee under this section, do all things necessary or incidental to the granting of that guarantee. A guarantee may contain provisions that the guarantee shall continue to be enforceable notwithstanding any event which would or might at law otherwise terminate, or permit termination of the guarantee or excuse compliance with, or performance of, or provide a defence to any enforcement of the guarantee and where any guarantee so provides the provision shall operate in accordance with its terms so that the guarantee shall not be capable of being terminated except by express agreement between the parties or in the events or circumstances expressly provided for in the guarantee. A guarantee given under this section may include an express waiver by the Treasurer of the Treasurer’s immunity (if any) under any Act or rule of law from proceedings, either in whole or in part, and any such waiver shall operate in accordance with its terms, notwithstanding any Act or rule of law to the contrary. The Treasurer may, by writing, delegate to any person the authority to execute an instrument of guarantee on the Treasurer’s behalf. For the purposes of this part— guarantee when used as a noun includes indemnity and when used as a verb includes indemnify. s 33 amd 1995 No. 58 s 4 sch 1 (sec.33-ssec.1) The Treasurer, on behalf of the Government, may guarantee, subject to and in accordance with the approval of the Governor in Council, the due payment of all or part of the moneys from time to time payable and the due performance of any other obligations undertaken in accordance with financial arrangements or other arrangements entered into by the Corporation. (sec.33-ssec.2) A guarantee under subsection (1) may be given— by way of an instrument of guarantee; or by way of an order in council; or in such other form or manner as the Treasurer thinks fit. (sec.33-ssec.3) Where a guarantee is given by way of an order in council, the order shall specify the terms and conditions to which the guarantee shall be subject, the guarantee shall become effective upon the publication of the order in the gazette or on such later date as is specified in the order as the date on which the guarantee is to become effective and the Treasurer shall be deemed to thereby guarantee the due payment of the moneys or the due performance of any other obligations to which the order relates. (sec.33-ssec.4) Notwithstanding that a guarantee has been given by way of an order in council the Treasurer may in addition give the Treasurer’s guarantee by way of an instrument of guarantee or in such other form or manner as the Treasurer thinks fit and a guarantee so given shall take effect according to its terms. (sec.33-ssec.5) The Treasurer may, in giving a guarantee under this section, do all things necessary or incidental to the granting of that guarantee. (sec.33-ssec.6) A guarantee may contain provisions that the guarantee shall continue to be enforceable notwithstanding any event which would or might at law otherwise terminate, or permit termination of the guarantee or excuse compliance with, or performance of, or provide a defence to any enforcement of the guarantee and where any guarantee so provides the provision shall operate in accordance with its terms so that the guarantee shall not be capable of being terminated except by express agreement between the parties or in the events or circumstances expressly provided for in the guarantee. (sec.33-ssec.7) A guarantee given under this section may include an express waiver by the Treasurer of the Treasurer’s immunity (if any) under any Act or rule of law from proceedings, either in whole or in part, and any such waiver shall operate in accordance with its terms, notwithstanding any Act or rule of law to the contrary. (sec.33-ssec.8) The Treasurer may, by writing, delegate to any person the authority to execute an instrument of guarantee on the Treasurer’s behalf. (sec.33-ssec.9) For the purposes of this part— guarantee when used as a noun includes indemnity and when used as a verb includes indemnify. - (a) by way of an instrument of guarantee; or - (b) by way of an order in council; or - (c) in such other form or manner as the Treasurer thinks fit.