37Powers of Governor as to loans, grants, and guarantees

### 37 Powers of Governor as to loans, grants, and guarantees > > (1)  *\[Section 37 Subsection (1) amended by No. 39 of 1986, s. 5 \]*Where the Governor is satisfied, on the recommendation of the Treasurer and the Minister, that the development, expansion, or retention of a business undertaking by any person or the proposed activities of a public authority will be of special significance to the economic development of the State, the Governor may direct that a loan or grant of money or a guarantee shall be given to that person or public authority under this Part. > > > (2)  *\[Section 37 Subsection (2) omitted by No. 39 of 1986, s. 5 \]*.  .  .  .  .  .  .  .   > > > (3)  *\[Section 37 Subsection (3) amended by No. 39 of 1986, s. 5 \]*On a direction by the Governor under [subsection (1)](#GS37@Gs1@EN) – > > > > > > (a) the Minister shall make a grant or loan of money on such terms and conditions as the Governor may direct; or > > > > > > > (b) the Treasurer shall, by instrument in writing, give a guarantee on such terms and conditions as the Governor may direct. > > > (4)  The provisions of [section 36](#GS36@EN) [(2)](#GS36@Gs2@EN) , [(6)](#GS36@Gs6@EN) , and [(9)](#GS36@Gs9@EN) apply to, and in relation to, a guarantee given by the Treasurer under [subsection (3)](#GS37@Gs3@EN) [(b)](#GS37@Gs3@Hpb@EN) and any such guarantee – > > > > > > (a) may be given to a person notwithstanding that another guarantee under this Part to that person has been given or is in force; and > > > > > > > (b) with the consent of the person whose loan to the borrower is guaranteed, may be varied or revoked by the Treasurer. > > > (5)  *\[Section 37 Subsection (5) substituted by No. 55 of 1985, s. 5 \]**\[Section 37 Subsection (5) amended by No. 76 of 1995, s. 28 and Sched. 1 \]*[*\[Section 37 Subsection (5) omitted by No. 13 of 2024, s. 5, Applied:05 Sep 2024\]*](/view/html/inforce/2024-09-05/act-2024-013#GS5@EN) .  .  .  .  .  .  .  .