sec.81Existing guarantees

### sec.81 Existing guarantees An existing guarantee applicable to the obligations of an entity under a financial arrangement entered into by the entity is taken to be a guarantee given under section 16 for the obligations of the entity under the arrangement. The conditions of the guarantee include the conditions expressed in a document relating to the guarantee and to which it was subject immediately before the commencement, even if the conditions are contrary to a provision of this Act applying to guarantees under section 16. If an existing guarantee is in relation to the obligations of an entity that is not a statutory body under the post-amended Act, the entity is taken to be a statutory body for part 3. Despite subsection (1), the Treasurer has the rights, powers and entitlements as stated in this Act as in force immediately before the commencement for an existing guarantee if, before the commencement, the Treasurer has— paid money under the guarantee; and exercised a power of the Treasurer under section 20 (1) of the Act as in force immediately before the commencement in relation to the payment. For subsection (4), this Act, as in force immediately before the commencement, continues to apply to the guarantee and matters in relation to the guarantee, including, for example, the powers of a receiver appointed by the Treasurer. s 81 ins 1996 No. 54 s 8 (sec.81-ssec.1) An existing guarantee applicable to the obligations of an entity under a financial arrangement entered into by the entity is taken to be a guarantee given under section 16 for the obligations of the entity under the arrangement. (sec.81-ssec.2) The conditions of the guarantee include the conditions expressed in a document relating to the guarantee and to which it was subject immediately before the commencement, even if the conditions are contrary to a provision of this Act applying to guarantees under section 16. (sec.81-ssec.3) If an existing guarantee is in relation to the obligations of an entity that is not a statutory body under the post-amended Act, the entity is taken to be a statutory body for part 3. (sec.81-ssec.4) Despite subsection (1), the Treasurer has the rights, powers and entitlements as stated in this Act as in force immediately before the commencement for an existing guarantee if, before the commencement, the Treasurer has— paid money under the guarantee; and exercised a power of the Treasurer under section 20 (1) of the Act as in force immediately before the commencement in relation to the payment. (sec.81-ssec.5) For subsection (4), this Act, as in force immediately before the commencement, continues to apply to the guarantee and matters in relation to the guarantee, including, for example, the powers of a receiver appointed by the Treasurer. - (a) paid money under the guarantee; and - (b) exercised a power of the Treasurer under section 20 (1) of the Act as in force immediately before the commencement in relation to the payment.