12Control by Treasurer of all authorities

12 Control by Treasurer of all authorities

(1)  *[Section 12 Subsection (1) amended by No. 20 of 1995, s. 3 and Sched. 1 ]*Subject to the Government Business Enterprises Act 1995 , no authority may issue a debenture or give a mortgage, charge, or security over the whole or any part of its property or assets, without the consent in writing of the Treasurer.

(2)  An application for the consent of the Treasurer under this Act shall be in writing, and shall be accompanied by particulars of the purpose and terms of the proposed issue, mortgage, charge, or security, and such other information as the Treasurer may require.

(3)  [Section 12 Subsection (3) amended by No. 74 of 1999, Sched. 2, Applied:01 Jan 2000] Nothing in this section prevents or affects in any way any transaction in relation to an advance made in good faith by an authorised deposit-taking institution in the ordinary course of business, on such security as the institution usually requires, if the advance is repayable on demand.

(4)  [Section 12 Subsection (4) amended by No. 44 of 2005, Sched. 1, Applied:24 Nov 2005] A loan or advance made to an authority by the Governor under the provisions of any Act is not subject to the provisions of this section, and the amount thereof shall not be included in the calculations for the purposes of this section of the loan requirements of an authority.