34Statutory guarantees for Tricontinental

34 Statutory guarantees for Tricontinental

(1) The due satisfaction of amounts payable by Tricontinental as a result of or in connection with liabilities, including contingent liabilities, of Tricontinental including, without limiting the generality of the foregoing, the payment of expenses of enforcing or obtaining or endeavouring to enforce or obtain such satisfaction, is guaranteed by the Government of Victoria.

(2) Subsection (1) does not apply in relation to any liabilities—

(a) in respect of which a guarantee, indemnity or other support under section 35 is in force; or

(b) that (whether or not at the direction of the Treasurer) were declared in writing by Tricontinental before they were incurred to be liabilities to which subsection (1) would not apply.