Regional Investment Corporation (Agribusiness Natural Disaster Loans—2019 North Queensland Flood) Rule 2019
18Funding arrangements
Start here
Get a plain-English read of 18
Turn the raw legal text into a practical explanation grounded in Regional Investment Corporation (Agribusiness Natural Disaster Loans—2019 North Queensland Flood) Rule 2019.
18 Funding arrangements
(1) Funds for loans will be provided to the Corporation upon the Corporation’s request to enable the Corporation to advance loan funds to recipients as required. (2) The Corporation must: (a) only request funds as they are required to advance loan funds to recipients; and (b) only use funds provided for loans for that purpose. (3) The Corporation is authorised to collect all loan repayments (including principal repayments and payments of interest) and transaction costs from loan recipients. (4) All loan repayments (including principal repayments and payments of interest) received by the Corporation from loan recipients must be paid to the Commonwealth as soon as reasonably practicable. (5) Any funds received by the Corporation from farm businesses under section 17 to reimburse the Corporation for transaction costs may be retained by the Corporation and do not need to be paid to the Commonwealth.