27Grants and loans

27 Grants and loans

(1)  The Company, out of money provided by Parliament for the purpose, may –

(a) make grants or loans at such interest and on such terms and conditions as it may determine, for or in relation to the administration, maintenance or improvement of horse racing or greyhound racing in Tasmania, and may take mortgages or such other securities as it considers adequate to secure such a loan; and

(b) undertake and contract for capital improvement to, or maintenance of, a racecourse; and

(c) purchase, lease, maintain, develop and otherwise deal with properties and facilities for the conduct of race meetings, or for the training of horses and greyhounds, and charge fees for the use of those properties or facilities.

(2)  A grant or loan under subsection (1)(a) or an undertaking under subsection (1)(b) may be made unconditionally or subject to such conditions as the Company may impose and, without limiting the generality of this subsection, the terms and conditions, in the case of a grant or loan to a racing club, may relate to the administration of the racing club, capital improvements to and maintenance of racecourses, the payment of stake money and the provision of facilities for the training of horses and greyhounds.

(3)  The Company may not, without the prior approval of the Treasurer –

(a) form, or participate in the formation of, a company; or

(b) participate in a trust; or

(c) borrow, or otherwise obtain financial accommodation, for the purpose of performing its functions; or

(d) participate in any or all of the following arrangements for the purpose of the sharing of profits:

(i) a joint venture;

(ii) a partnership;

(iii) any other arrangement.