15AGovernment guarantee of certain borrowings

15A Government guarantee of certain borrowings

[Section 15A Inserted by No. 22 of 2023, s. 5, Applied:01 Jul 2023]

(1)  In this section –

relevant organisation means an organisation or entity referred to in Schedule 1 .

(2)  One or more amounts borrowed by a relevant organisation from the Corporation is guaranteed by the State up to, and not in excess of, such amount, in total, as is determined by the Treasurer as the maximum amount guaranteed under this section in respect of the relevant organisation.

(3)  For the purposes of subsection (2) , an amount borrowed by a relevant organisation from the Corporation includes each of the following:

(a) the amount borrowed by the relevant organisation from the Corporation;

(b) the interest payable by the Corporation in respect of the amount borrowed by the relevant organisation;

(c) any charges payable to the Corporation, by the relevant organisation, in respect of the amount borrowed;

(d) any expenses that are incurred by the Corporation in relation to the amount borrowed by the relevant organisation.

(4)  This section only applies in respect of an amount borrowed by a relevant organisation from the Corporation if the Corporation has exercised all of its rights and remedies under all securities held in respect of the amount borrowed by the relevant organisation.

(5)  A payment by the State to the Corporation under this section –

(a) is a charge on the Public Account; and

(b) is payable out of the Public Account without further appropriation than this section.

(6)  If the State is required to make a payment to the Corporation under this section in respect of an amount borrowed by a relevant organisation –

(a) the amount so paid by the State under this section is a debt due and owing, by the relevant organisation, to the State; and