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) –

(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 (2) , (6) , and (9) apply to, and in relation to, a guarantee given by the Treasurer under subsection (3) (b) 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] .  .  .  .  .  .  .  .