33Borrowing from Treasurer

33 Borrowing from Treasurer

(1)  The Treasurer may lend to the Authority, out of money provided by Parliament for the purpose, such money as the Treasurer considers appropriate.

(2)  If the Authority applies for a loan in respect of a loss incurred by it, in determining whether to make the loan the Treasurer must consider –

(a) the amount of the loss; and

(b) the reasons for the loss; and

(c) the consequences of the loss; and

(d) any other matter the Treasurer considers relevant.

(3)  In determining the consequences of a loss, the Treasurer must consider –

(a) the impact of the loss on the liquidity position of the Authority; and

(b) the availability of reserves to meet the loss; and

(c) the impact of the loss on the viability of the Authority.

(4)  A loan is subject to the conditions determined by the Treasurer.

(5)  [Section 33 Subsection (5) amended by No. 4 of 2017, Sched. 1, Applied:01 Jul 2019] An amount lent under subsection (1) and any interest or other charge payable in respect of the loan is a debt repayable into the Public Account by the Authority.