Treasury Corporation of Victoria Act 1992

Version No. 049

Treasury Corporation of Victoria Act 1992

No. 80 of 1992

Version incorporating amendments as at
1 July 2024

table of provisions

Section Page

Part 1—Preliminary 1

1 Purpose 1

2 Commencement 1

3 Definitions 1

4 Extra-territorial operation 3

Part 2—Treasury Corporation of Victoria 5

5 Establishment of Corporation 5

6 Objectives of the Corporation 5

7 Corporation not the Crown 6

8 Functions 6

9 Powers 8

10 Directions of Treasurer 9

11 Board of Directors 9

12 Terms of appointment 10

13 Remuneration 10

15 Vacancies, resignation and removal from office 11

16 Acting appointments 11

17 Pecuniary interests of members 12

18 Chairperson 12

19 Proceedings of the Board 13

20 Resolutions without meetings 14

21 Validity of decisions 14

22 Improper use of information 15

23 Delegation 15

24 Chief executive officer and other staff 15

25 Vacancy etc. in office of chief executive officer 16

26 Public servants 16

Part 3—Operations of Corporation 18

27 Participating authorities 18

28 Strategic plans 18

29 Exchange of securities 19

30 Sinking fund 20

31 Distribution of surplus 20

32 Statutory guarantee 20

33 Guarantee 21

34 Appropriation for guarantee 22

35 Enforcement of guarantees 22

36 Initial capital of Corporation 22

Part 3A—Financial obligations of public authorities 23

36A Definitions 23

36B Crown bound 25

36C Part to prevail 25

36D Victorian financial obligations of public authority may become financial obligations of Corporation 25

36E Financial obligations not governed by law of Victoria 27

36F Guarantee 28

36G Validity of things done 29

36H Corporation to be party to certain proceedings 30

Part 3B—Financial obligations of Victorian Housing Bonds Ltd. 31

36I Definitions 31

36J Crown bound 32

36K Financial obligations of VHB 33

36L Guarantee 34

36M Validity of things done 35

36N Corporation to be party to certain proceedings 36

36O Instruments under which bonds issued 37

Part 3C—Transition loan program 38

36P Definitions 38

36Q What is the transition loan program? 38

36R Transition loan notice 39

36S Security for transition loan 40

36T Recording of notice of statutory charge 40

36U Enforcement of statutory charge 41

36V Guarantee 42

36W Disclosure of information 42

36X Effect of subdivision or consolidation on statutory charge 43

Part 4—Debt retirement 44

37 Assets and liabilities of Victorian Debt Retirement Fund 44

38 Appropriation for further debt retirement 44

Part 5—General 46

40 Exemption from Freedom of Information Act 1982 46

41 Securities of Corporation lawful investment 46

42 Owner of security not responsible for application of money 46

43 No notice of trust receivable 47

44 Regulations 47

Part 6—Transitional 48

45 Corporation to become successor in law of VicFin 48

46 VicFin instruments 48

47 Pending proceedings 49

48 Participating authorities 49

49 Regulations under VicFin Act 49

50 General Manager of VicFin 50

50A Validation 50

50B Supreme Court—limitation of jurisdiction 51

Schedule 1—Public authorities 52

Endnotes 54

1 General information 54

2 Table of Amendments 56

3 Explanatory details 64

Version No. 049

Treasury Corporation of Victoria Act 1992

No. 80 of 1992

Version incorporating amendments as at
1 July 2024

The Parliament of Victoria enacts as follows:

Part 1—Preliminary

1 Purpose

The purpose of this Act is to establish the Treasury Corporation of Victoria and to provide for the Corporation to be the successor in law of VicFin.

2 Commencement

This Act comes into operation on a day or days to be proclaimed.

3 Definitions

In this Act—

arrangement has the same meaning as in the Borrowing and Investment Powers Act 1987;

Board means the Board of Directors of the Corporation;

Corporation means the Treasury Corporation of Victoria established under this Act;

director means director of the Board;

financial accommodation has the same meaning as in the Borrowing and Investment Powers Act 1987;

financial arrangement has the same meaning as in the Borrowing and Investment Powers Act 1987;

guarantee includes indemnity;

invest includes enter into a transaction or arrangement for the protection or enhancement of investments;

lease has the same meaning as in the Borrowing and Investment Powers Act 1987;

participating authority means a public authority that is accepted by the Corporation as a participating authority under section 27 but does not include an authority that ceases to be a participating authority under that section;

prescribed agency means—

(a) a body all the voting shares in which are owned by or on behalf of the State, whether directly or indirectly; or

(b) a trustee of a trust of which the State is the sole beneficiary—

prescribed by the regulations as a body or trustee to which this Act applies;

S. 3 def. of public authority amended by Nos 35/1994 s. 4, 46/1998
s. 7(Sch. 1).

public authority means—

(a) an agency or instrumentality of the State established by or under an Act;

(b) an agency or instrumentality of the State constituted by a Minister or by one or more employees in the public service;

(c) a body established by an Act a member of which, or a member of the governing body of which, is appointed by the Governor in Council or by a Minister;

(d) a body established by an Act that is financed wholly or in part from public money;

(e) a prescribed agency;

(f) Victorian Housing Bonds Limited A.C.N. 006 955 577;

(g) Home Opportunity Loans Scheme Trust;

(h) the trustee for the time being of the Home Opportunity Loans Scheme Trust;

security includes stock, inscribed stock, debenture, bond, debenture stock, notes, certificate of deposit or a document creating, evidencing or acknowledging indebtedness in respect of financial accommodation whether constituting a charge on property or not;

VicFin means the Victorian Public Authorities Finance Agency established by the Victorian Public Authorities Finance Act 1984;

Victorian Debt Retirement Fund means the fund established by the Victorian Debt Retirement Fund Act 1990;

S. 3 def. of Victorian Development Fund repealed by No. 18/1994 s. 66(Sch. 2 item 26.1).

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4 Extra-territorial operation

It is the intention of the Parliament that the operation of this Act should, as far as possible, include operation in relation to the following—

(a) land situated outside Victoria, whether in or outside Australia;

(b) things situated outside Victoria, whether in or outside Australia;

(c) acts, transactions and matters done, entered into or occurring outside Victoria, whether in or outside Australia;

(d) things, acts, transactions and matters (wherever situated, done, entered into or occurring) that would, apart from this Act, be governed or otherwise affected by the law of a foreign country.

Part 2—Treasury Corporation of Victoria

5 Establishment of Corporation

(1) There is established a Treasury Corporation of Victoria.

(2) The Corporation—

(a) is a body corporate with perpetual succession;

(b) has an official seal;

(c) may sue and be sued;

(d) may acquire, hold and dispose of real and personal property;

(e) may do and suffer all acts and things that a body corporate may by law do and suffer.

(3) All courts must take judicial notice of the seal of the Corporation affixed to a document and, until the contrary is proved, must presume that it was duly affixed.

(4) The official seal of the Corporation must be kept in such custody as the Corporation directs and must not be used except as authorised by the Corporation.

6 Objectives of the Corporation

The objectives of the Corporation are—

(a) to act as a financial institution for the benefit of the State and participating authorities;

(b) to enhance the financial positions of the Corporation and of participating authorities and the State;

(c) to provide its services in an effective, efficient and competitive manner.

7 Corporation not the Crown

The Corporation is not, and is not to be taken to represent, the Crown.

8 Functions

(1) The functions of the Corporation are—

(a) to obtain financial accommodation within or outside Australia;

(b) to provide financial accommodation to a participating authority or the State;

(c) to enter into or perform financial arrangements;

(d) as principal or agent, to manage funds of a participating authority or the State;

S. 8(1)(e) amended by No. 18/1994 s. 66(Sch. 2 item 26.2(a)), substituted by No. 24/1995 s. 4.

(e) to manage the reduction, retirement or cancellation of debt for or on behalf of the State and participating authorities;

S. 8(1)(f) amended by Nos 18/1994 s. 66(Sch. 2 item 26.2(b)), 73/1996
s. 98(2)(a).

(f) to manage such trust accounts established in the Trust Fund under the Financial Management Act 1994 as the Treasurer and the Corporation determine;

(g) to provide, or to arrange for the provision of, financial services for, and financial advice to, participating authorities and the State;

(h) to acquire real or personal property for use by the Corporation, a participating authority or the State;

(i) to sell, mortgage or grant a lease of property held by the Corporation;

(j) to manage the assets and liabilities of the Corporation;

(k) to carry out such functions or provide such financial or other services in relation to any liabilities or financial assets of the State or a participating authority as the Treasurer determines by notice in writing given to the Corporation;

S. 8(1)(l) substituted by No. 100/1995
s. 10(1)(Sch. 1 item 7.1).

(l) to make submissions or recommendations or give advice to the Treasurer in respect of the State's assets and liabilities and, if so requested by the Treasurer, to enter into and perform transactions including financial arrangements—

(i) to hedge, protect or manage the value of the State's assets or liabilities, or prospective assets or liabilities, against movements in currency rates, interest rates, prices of shares, property or commodities or any other rates, costs or other factors that affect or could affect, the value of the State's assets or liabilities or prospective assets or liabilities; or

(ii) to acquire and dispose of the State's assets or liabilities;

S. 8(1)(la) inserted by No. 16/2024 s. 56.

(la) to administer the transition loan program under Part 3C including the provision of transition loans and the entering into and administration of transition loan agreements;

(m) to carry out such other functions as are conferred on it by this or any other Act.

(2) As soon as possible after giving a notice under subsection (1)(k), the Treasurer must cause a copy of the notice to be published in the Government Gazette.

9 Powers

(1) For the purpose of achieving its objectives and performing its functions, the Corporation—

(a) has the powers conferred on it by the Borrowing and Investment Powers Act 1987;

(b) unless the Treasurer otherwise directs, may purchase securities issued by it and may resell such securities;

(c) with the approval of the Treasurer, may give a guarantee of the obligations of another person for a purpose consistent with the Corporation's objectives and functions; and

(d) except as provided in paragraph (c), may give indemnities for a purpose consistent with its objectives and functions; and

S. 9(1)(e) amended by No. 18/1994 s. 66(Sch. 2 item 26.3).

(e) for the purpose of carrying out its functions under section 8(1)(e) and (f), may, with the approval of the Treasurer, exercise such powers as the Treasurer may exercise in relation to the management of a trust account in the Trust Fund under the Financial Management Act 1994;

(f) may do all other things necessary or convenient to be done for or in connection with, or as incidental to, the achievement of its objectives or the performance of its functions.

(2) Without limiting the generality of subsection (1), the Corporation may, with the approval of the Treasurer, and subject to such terms and conditions as the Treasurer determines—

(a) be a member of a body corporate, association, partnership, trust or other body; or

(b) form, or participate in the formation of, a body corporate, association, partnership, trust or other body; or

(c) subscribe for or otherwise acquire, deal with and hold and dispose of, units in a trust; or

(d) enter into a joint venture with another person or persons.

10 Directions of Treasurer

(1) In the exercise of its powers and performance of its functions, the Corporation is subject to the general direction and control of the Treasurer.

(2) The Treasurer must not give a direction under this section that is inconsistent with the objectives of the Corporation.

(3) A direction under this section may include a direction concerning performance measures which the Corporation is to aim to meet.

S. 10(4) amended by No. 73/1996
s. 98(2)(b).

(4) As soon as possible after giving a direction in writing to the Board, the Treasurer must cause a copy of the direction to be published in the Government Gazette.

S. 10(5) amended by Nos 31/1993 s. 7(a), 73/1996
s. 98(2)(c).

(5) The Corporation must include in the annual report under the Financial Management Act 1994 a copy of each direction given to it in writing by the Treasurer during the year to which the report relates.

11 Board of Directors

(1) There shall be a Board of Directors of the Corporation.

S. 11(1A) inserted by No. 31/1993 s. 4.

(1A) The Board—

(a) is responsible for the management of the affairs of the Corporation; and

(b) may exercise the powers of the Corporation.

S. 11(2) amended by No. 24/1995 s. 5(a).

(2) The Board shall consist of the chief executive officer of the Corporation appointed under section 24 and not less than 5, and not more than 7, other directors appointed by the Governor in Council on the recommendation of the Treasurer.

(3) The Treasurer must appoint one of the directors as Chairperson of the Board and one as Deputy Chairperson of the Board.

S. 11(4) amended by No. 24/1995
s. 5(b).

(4) A person who is the chief executive officer of the Corporation is not eligible to be chairperson or deputy chairperson.

(5) An officer of the Corporation, other than the chief executive officer, is not eligible to be a Director.

12 Terms of appointment

S. 12(1) amended by No. 24/1995 s. 5(c).

(1) A director, other than the chief executive officer of the Corporation, is appointed for such term, not exceeding 3 years, as is specified in the director's instrument of appointment and is eligible to be re-appointed.

S. 12(2) amended by Nos 24/1995 s. 5(d), 46/1998
s. 7(Sch. 1), substituted by Nos 108/2004 s. 117(1) (Sch. 3 item 212), 80/2006 s. 26(Sch. item 105).

(2) The Public Administration Act 2004 (other than Part 3 of that Act) applies to a director of the Corporation in respect of the office of director.

S. 13 amended by No. 46/1998
s. 7(Sch. 1).

13 Remuneration

A director (other than the chief executive officer), unless an employee in the public service, is entitled to the remuneration and allowances (if any) fixed by the Governor in Council.

S. 14
repealed by No. 73/1996
s. 98(1).

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15 Vacancies, resignation and removal from office

(1) An appointed director ceases to be a director if he or she—

(a) becomes bankrupt; or

(b) is absent, without leave first granted by the Board, from 3 consecutive meetings of which reasonable notice has been given to that director personally or by post.

(2) An appointed director may resign by writing delivered to the Governor.

(3) The Governor in Council may remove an appointed director from office.

16 Acting appointments

(1) The Governor in Council may appoint a person (not being the chief executive officer of the Corporation) to act as Chairperson of the Board—

(a) during a vacancy in the office of the Chairperson and the Deputy Chairperson;

(b) during any period, or during all periods, when the Chairperson and the Deputy Chairperson are absent or are, for any other reason, unable to perform the functions of Chairperson—

but a person appointed to act during a vacancy must not continue so to act for more than 6 months.

(2) If an appointed director is unable to perform his or her functions, the Governor in Council may appoint another person to act in the place of that director during the period of inability.

(3) An acting appointment shall be for the term and on the conditions determined by the Governor in Council.

(4) The Governor in Council may at any time terminate an acting appointment.

(5) A person appointed under this section has all the powers, and may perform all the functions, of the person for whom he or she is acting.

17 Pecuniary interests of members

(1) A director who has a pecuniary interest in a matter being considered or about to be considered by the Board must, as soon as practicable after the relevant facts have come to his or her knowledge, declare the nature of the interest at a meeting.

(2) A person presiding at a meeting at which a declaration is made must cause a record of the declaration to be made in the minutes of the meeting.

(3) After a declaration is made by a director—

(a) unless the Board of Directors (excluding that director) otherwise resolves, the director must not be present during any deliberation with respect to that matter; and

(b) that director is not entitled to vote on the matter; and

(c) if that director does vote on the matter, the vote must be disallowed.

S. 18 amended by No. 29/2006 s. 3(Sch. 1 item 37).

18 Chairperson

The Chairperson of the Board or, in his or her absence, the Deputy Chairperson or, in the absence of both the Chairperson and the Deputy Chairperson, the Acting Chairperson, must preside at a meeting of the Board.

19 Proceedings of the Board

(1) Four directors constitute a quorum of the Board.

(2) A question arising at a meeting shall be determined by a majority of votes of directors present who are eligible to vote, and vote, on that question, and if voting is equal, the Chairperson has a casting, as well as a deliberative, vote.

(3) The Board must—

(a) cause all minutes of all proceedings of its meetings to be entered, within one month after the relevant meeting is held, in books kept for that purpose; and

(b) cause those minutes to be signed by the person who presided at the meeting at which the proceedings took place or by the person presiding at the next succeeding meeting; and

(c) cause a copy of the minutes of each meeting to be given to the Treasurer within three days after the meeting at which they are so signed.

(4) Any minute that is so entered and purports to be so signed is evidence of the proceedings to which it relates.

(5) If minutes have been so entered and signed, then, unless the contrary is proved—

(a) the meeting shall be deemed to have been duly held and convened; and

(b) all proceedings that are recorded in the minutes as having taken place at the meeting shall be deemed to have duly taken place; and

(c) all appointments that are recorded in the minutes as having been made at the meeting shall be deemed to have been validly made.

(6) Subject to this Act, the Board may regulate its own proceedings.

20 Resolutions without meetings

(1) If a majority of the directors for the time being sign a document containing a statement that they are in favour of a resolution in terms set out in the document, a resolution in those terms shall be taken to have been passed at a meeting of the Board held on the day on which the document is signed or, if the directors do not sign it on the same day, on the day on which the last director signs the document.

(2) If a resolution is, under subsection (1), taken to have been passed at a meeting of the Board, each director must immediately be advised of the matter and given a copy of the terms of the resolution.

(3) For the purposes of subsection (1), two or more separate documents containing a statement in identical terms, each of which is signed by one or more directors, shall be taken to constitute one document.

21 Validity of decisions

An act or decision of the Board is not invalid—

(a) by reason only—

(i) of a defect or irregularity in, or in connection with, the appointment of a director; or

(ii) of a vacancy in the office of director, including a vacancy arising out of the failure to appoint an original director; or

(b) on the ground that the occasion for an acting director to act had not arisen or had ceased.

22 Improper use of information

A person who is, or has been, a director or employee of the Board must not make improper use of any information acquired only in the course of his or her duties to obtain directly or indirectly any pecuniary or other advantage for himself or herself or for any other person.

1. 50 penalty units.

   23 Delegation

The Board may, in writing, delegate to a director or any other person any power of the Corporation or the Board, other than this power of delegation.

24 Chief executive officer and other staff

(1) There shall be a chief executive officer of the Corporation appointed by the Board with the approval of the Treasurer.

(2) The term of office of the chief executive officer is the term (not exceeding 5 years) specified in the instrument of appointment, and the chief executive officer is eligible for re-appointment.

(3) Subject to this section, the terms and conditions of appointment of the chief executive officer shall be set by the Board.

(4) The Board may engage such other officers and employees as are necessary for the performance of its functions.

(5) The terms and conditions of appointment or employment are as determined by the Board.

25 Vacancy etc. in office of chief executive officer

(1) The office of the chief executive officer becomes vacant if the chief executive officer—

(a) becomes bankrupt; or

(b) is convicted of an indictable offence or of an offence that, if committed in Victoria, would be an indictable offence.

(2) The chief executive officer may resign by writing delivered to the Board.

(3) The Board may remove the chief executive officer from office.

26 Public servants

S. 26(1) amended by No. 31/1993 s. 5(1).

(1) An employee of the Corporation who, immediately before being so appointed or employed, was an officer of the public service, is eligible, if he or she ceases to be so employed within 60 days after the commencement of section 5 of the Treasury Corporation of Victoria (Debt Centralisation) Act 1993, to be re-appointed to the public service at a level not less than the level of the last office held by him or her in the public service as if service with the corporation were service in the public service.

S. 26(3) inserted by No. 31/1993 s. 5(2),
re-numbered as s. 26(1A) by No. 61/1995 s. 17.

(1A) Subsection (1) does not apply to a person who first becomes an employee of the Corporation on or after the commencement of section 5 of the Treasury Corporation of Victoria (Debt Centralisation) Act 1993.

(2) A person who, immediately before employment as an employee of the Corporation, was an officer within the meaning of the State Superannuation Act 1988, continues, subject to that Act, to be such an officer, despite that appointment or employment.

Part 3—Operations of Corporation

27 Participating authorities

(1) A public authority may give notice in writing to the Corporation seeking acceptance as a participating authority for the purposes of this Act.

S. 27(2) amended by No. 35/1994 s. 9(a).

(2) The Corporation may by notice in writing given to a public authority that has given notice under subsection (1) accept the public authority as a participating authority for the purposes of this Act.

(3) If—

(a) a participating authority gives notice in writing to the Corporation of its intention to cease to be a participating authority; or

(b) the Corporation, by notice in writing given to a participating authority, revokes the acceptance of the authority as a participating authority for the purposes of this Act—

the participating authority ceases to be a participating authority for the purposes of this Act unless and until it is again accepted as such an authority under this section.

28 Strategic plans

S. 28(1) amended by No. 24/1995 s. 6.

(1) The Board must, before a date to be fixed by the Treasurer each year, submit to the Treasurer for his or her approval a strategic plan for its operations, including its management of the reduction, retirement or cancellation of debt, for the next 3 years in a form approved by the Treasurer and containing such matters as the Treasurer requires.

(2) The Board must, in respect of each quarter ending on 30 September, 31 December and 31 March, prepare a quarterly report of its operations during the quarter as against the strategic plan.

(3) The Board must submit the report to the Treasurer as soon as possible after the end of the quarter to which it relates.

29 Exchange of securities

(1) If—

(a) a participating authority agrees; and

(b) the Treasurer approves—

the Corporation may exchange a security issued by the Corporation under the Borrowing and Investment Powers Act 1987 for a similar security issued by the participating authority, whether before or after the commencement of this section.

(2) A security issued under subsection (1) in exchange for another security has the same maturity date and bears interest payable at the same rate and on the same dates as in the case of the other security but is otherwise subject to the provisions of the Borrowing and Investment Powers Act 1987 and regulations under that Act relating to the issue of securities.

(3) For the purpose of calculating the interest payable on a security referred to in this section, the interest payable includes interest accruing up to the day on which the security was issued but that was not paid before that day.

30 Sinking fund

(1) With the approval of the Treasurer, the Corporation may provide a sinking fund in respect of financial accommodation for which it is liable at such rate and for such period as the Board determines.

(2) The Corporation must invest a sinking fund in such manner as the Treasurer approves.

31 Distribution of surplus

The Corporation must in each financial year pay to the Consolidated Fund from its surplus for the preceding financial year such amount as the Treasurer, after consultation with the Corporation, determines.

32 Statutory guarantee

(1) The due satisfaction of amounts payable by the Corporation as a result of or in connection with the provision to the Corporation, or to VicFin before the commencement of this section, of financial accommodation or the entering into of financial arrangements by the Corporation, or by VicFin before that commencement, including, without limiting the generality of the foregoing, the payment of expenses of enforcing or obtaining or endeavouring to enforce or obtain such satisfaction is guaranteed by the Government of Victoria.

(2) Subsection (1) does not apply in relation to the provision of financial accommodation or entering into of financial arrangements—

(a) in respect of which a guarantee under section 33 is in force; or

(b) that (whether or not at the direction of the Treasurer) were declared in writing by the Corporation before the provision of the financial accommodation or the entering into of the financial arrangements to be matters to which subsection (1) would not apply.

(3) If the Corporation makes a declaration under subsection (2)(b), the Corporation must cause notice of the declaration to be given to any other party before the provision of the financial accommodation or the entering into of the financial arrangements and to be published in the Government Gazette as soon as possible.

(4) The statutory guarantee under section 13 of the Borrowing and Investment Powers Act 1987 does not apply to the Corporation.

33 Guarantee

The Treasurer, on behalf of the Government of Victoria, may execute a guarantee on such terms and conditions as the Treasurer determines in favour of any person or body of persons guaranteeing the due performance of any obligations of the Corporation under any arrangement entered into or to be entered into by the Corporation or the due performance of any obligations of a body corporate, association, partnership, trust or other body formed by the Corporation or a joint venture entered into by the Corporation including, without limiting the generality of the foregoing, the payment of expenses of enforcing or obtaining or endeavouring to enforce or obtain such satisfaction.

34 Appropriation for guarantee

(1) Any sums required by the Treasurer in fulfilling any liability arising under a guarantee by the Government of Victoria provided by or given under this Act shall be paid out of the Consolidated Fund (which is hereby to the necessary extent appropriated accordingly).

(2) Any sums received or recovered by the Treasurer from the Corporation or otherwise in respect of any sums paid by the Treasurer under a guarantee shall be paid into the Consolidated Fund.

35 Enforcement of guarantees

A guarantee under section 32 has effect and may be enforced as if the guarantee were a contract made on behalf of the Crown and section 23(1)(a) of the Crown Proceedings Act 1958 applied accordingly.

36 Initial capital of Corporation

(1) The Treasurer may, in respect of the financial year ending on 30 June 1993, pay to the Corporation as initial capital such amount, not exceeding $30 000 000 as the Treasurer determines.

(2) The Consolidated Fund is appropriated to the extent necessary for the purposes of subsection (1).

Pt 3A (Heading and ss 36A–36H) inserted by No. 31/1993 s. 6.

Part 3A—Financial obligations of public authorities

S. 36A inserted by No. 31/1993 s. 6.

36A Definitions

In this Part—

constituting Act, in relation to a public authority, means the Act referred to in column 2 of Schedule 1 opposite the name of the public authority in column 1 of that Schedule;

financial accommodation means a financial benefit or assistance to obtain a financial benefit arising from or as a result of—

(a) a loan;

(b) issuing, endorsing or otherwise dealing in promissory notes;

(c) drawing, accepting, endorsing or otherwise dealing in bills of exchange;

(d) issuing, purchasing or otherwise dealing in securities;

(e) granting or taking a lease of any real or personal property for financing but not for operating purposes;

(f) in relation to a public authority, any other arrangement that the Governor in Council on the recommendation of the Treasurer has approved as financial accommodation in relation to the public authority under the Borrowing and Investment Powers Act 1987;

S. 36A def. of financial arrangement repealed by No. 100/1995 s. 10(1)(Sch. 1 item 7.2(a)).

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financial obligation, in relation to a public authority, means the liability of the public authority in respect of—

(a) financial accommodation obtained by the public authority; or

(b) a financial arrangement entered into by the public authority—

and includes the liability of the public authority in respect of inscribed stock issued by the public authority;

S. 36A def. of public authority amended.[1]

public authority means the Grain Elevators Board, Development Victoria, the Port of Geelong Authority, the Port of Portland Authority, the Port of Hastings Corporation, Ports Victoria, the Suburban Rail Loop Authority, Victorian Rail Track, V/Line Corporation, the Gas Transmission Corporation, GASCOR, the Melbourne Water Corporation, a company licensee within the meaning of Part 5 of the Water Industry Act 1994 or Generation Victoria, National Electricity, VENCorp, a public distribution company, public transmission company or public generation company within the meaning of the Electricity Industry (Residual Provisions) Act 1993 or a participating authority approved by the Treasurer for the purposes of this section;

security includes inscribed stock and debenture, bond, debenture stock, notes or any other document creating, evidencing or acknowledging indebtedness in respect of financial accommodation, whether or not constituting a charge on property of a public authority.

S. 36B inserted by No. 31/1993 s. 6.

36B Crown bound

This Part binds the Crown, not only in right of the State but also, so far as the legislative power of the Parliament permits, the Crown in all its other capacities.

S. 36C inserted by No. 31/1993 s. 6.

36C Part to prevail

If a provision of this Part is inconsistent with a provision of the constituting Act of a public authority, or of any other Act concerning functions or powers on a public authority, the provision of this Part prevails.

S. 36D inserted by No. 31/1993 s. 6.

36D Victorian financial obligations of public authority may become financial obligations of Corporation

(1) The Governor in Council, on the recommendation of the Treasurer, may, by Order published in the Government Gazette, declare that the financial obligations of a public authority, or financial obligations included in a class of financial obligations of a public authority, specified in the Order, being financial obligations that are governed by the law of Victoria, are to be taken to be liabilities of the Corporation.

(2) On the publication of an Order under subsection (1)—

(a) all rights of the public authority in and in respect of the financial accommodation, a financial arrangement or inscribed stock to which the financial obligations specified in the Order relate vest in the Corporation; and

(b) all obligations of the public authority in respect of that financial accommodation, financial arrangement or inscribed stock become obligations of the Corporation; and

(c) the public authority ceases to have any rights or obligations in respect of that financial accommodation, financial arrangement or inscribed stock; and

(d) in the case of a financial obligation relating to financial accommodation which is evidenced by an instrument, the instrument has effect as if it were a security issued by the Corporation, unless it is surrendered under this section in exchange for a similar security.

(3) Despite the making of an Order under subsection (1) relating to financial obligations of a public authority—

(a) the public authority must pay to the Corporation such amounts, and at such times, as the public authority would have been liable to pay in respect of those financial obligations if the Order had not been made, except in so far as the Corporation and the public authority otherwise agree; and

(b) the Corporation must pay to the public authority such amounts, and at such times, as the public authority would have been entitled to receive in respect of the financial obligations if the Order had not been made, except in so far as the Corporation and the public authority otherwise agree.

(4) An amount payable under subsection (3) may be recovered in a court of competent jurisdiction as a debt due to the Corporation or the public authority, as the case requires.

(5) Despite anything in the constituting Act of a public authority—

(a) the holder of a security affected by this section is entitled, upon surrender of, or giving an indemnity in terms approved by the Corporation in respect of, the security, to be issued in exchange with a security by the Corporation, being a security corresponding in all respects to the first-mentioned security, except for the issuer; and

(b) upon the issue of that corresponding security, the original security is cancelled.

(6) For the purpose of calculating the interest payable on a security issued under subsection (5), the interest payable includes interest accruing and unpaid in respect of the original security as at the date of its cancellation.

(7) A public authority must pay to the Corporation the amount, if any, determined by the Treasurer to defray the cost of issuing securities corresponding to securities of the public authority cancelled under this section.

S. 36E inserted by No. 31/1993 s. 6.

36E Financial obligations not governed by law of Victoria

(1) The Governor in Council, on the recommendation of the Treasurer, may, by Order, declare that the financial obligations of a public authority, or financial obligations of a public authority included in a class of financial obligations specified in the Order, being financial obligations that are governed by a law other than the law of Victoria, are financial obligations to which this section relates.

(2) The Corporation and the public authority, with or without any other party, may enter into an arrangement for an assumption, or that has the effect of an assumption, by the Corporation of the public authority's rights and obligations in respect of the financial accommodation or financial arrangements to which the financial obligations specified in an Order under subsection (1) relate.

(3) An arrangement under subsection (2) may include—

(a) an arrangement under which the Corporation is substituted for the public authority as a party to a transaction;

(b) the assumption of rights or liabilities, or both, of the public authority by the Corporation by way of novation;

(c) an arrangement under which the public authority indemnifies the Corporation in respect of the obligations under the financial obligations;

(d) any arrangement of a kind approved by the Treasurer for the purposes of this section.

S. 36F inserted by No. 31/1993 s. 6.

36F Guarantee

(1) The due satisfaction of amounts—

(a) payable by the Corporation as a result of or in connection with the operation of section 36D or 36E; or

(b) payable by a public authority under section 36D(3)(a) or 36E—

including, without limiting the generality of the foregoing, the payment of expenses of enforcing or obtaining or endeavouring to enforce or obtain such satisfaction is guaranteed by the Government of Victoria.

(2) Any sums required by the Treasurer in fulfilling any liability arising under a guarantee referred to in subsection (1) shall be paid out of the Consolidated Fund (which is hereby to the necessary extent appropriated accordingly).

(3) Any sums received or recovered by the Treasurer from the Corporation or a public authority or otherwise in respect of any sums paid by the Treasurer under a guarantee referred to in subsection (1) shall be paid into the Consolidated Fund.

(4) A guarantee referred to in this section may be enforced against the Crown by a proceeding under Part II of the Crown Proceedings Act 1958.

S. 36G inserted by No. 31/1993 s. 6.

36G Validity of things done

Nothing in this Part or done or suffered by a public authority or the Corporation under this Part—

(a) is to be regarded as placing the public authority or the Corporation or any other person in breach of contract or confidence or as otherwise making either of them guilty of a civil wrong; or

(b) is to be regarded as placing any person in breach of or as constituting a default under any Act or other law or any provision in any agreement, arrangement or understanding including, without limiting the generality of the foregoing, any provision prohibiting, restricting or regulating the assignment or transfer of any right or liability or the disclosure of any information; or

(c) is to be regarded as fulfilling any condition which allows a person to terminate any agreement or obligation or modifying the operation or effect of any agreement or requiring any money to be paid, or declaring any money to be payable before its stated maturity; or

S. 36G(d) amended by No. 35/1994 s. 9(b).

(d) releases any surety or other obligee wholly or in part from any obligation.

S. 36H inserted by No. 31/1993 s. 6.

36H Corporation to be party to certain proceedings

(1) If, immediately before the commencement of this section, a public authority was a party to proceedings relating to or affecting a transferred financial obligation, the Corporation is to be taken to be a party to those proceedings either in substitution for the public authority or as an additional party, as the case requires.

(2) In this section transferred financial obligation means a financial obligation the rights or liabilities under which, by operation of or under this Part, are rights and liabilities of, or are assumed by, the Corporation.

Pt 3B (Heading and ss 36I–36O) inserted by No. 61/1995 s. 16.

Part 3B—Financial obligations of Victorian Housing Bonds Ltd.

S. 36I
inserted by No. 61/1995
s. 16.

36I Definitions

In this Part—

S. 36I def. of Director repealed by No. 40/2022 s. 59(1)(a).

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financial accommodation means a financial benefit or assistance to obtain a financial benefit arising from or as a result of—

(a) a loan;

(b) issuing, endorsing or otherwise dealing in promissory notes;

(c) drawing, accepting, endorsing or otherwise dealing in bills of exchange;

(d) issuing, purchasing or otherwise dealing in securities;

(e) granting or taking a lease of any real or personal property for financing but not for operating purposes;

(f) issuing bonds under an instrument referred to in section 36O;

financial arrangement means an arrangement entered into for the purpose of managing, lessening, hedging or protecting against movements in currency exchange, interest or discount rates or other costs of obtaining financial accommodation;

financial obligation, in relation to VHB, means—

(a) in relation to a bond issued by VHB under an instrument referred to in section 36O, the liability of VHB to pay any principal, interest or other moneys owing in relation to the bond on the due date within the meaning of the instrument;

(b) in relation to any other financial accommodation obtained, or financial arrangement entered into, by VHB, the liability of VHB to make payment in respect of that financial accommodation or financial arrangement;

S. 36I def. of Homes Victoria inserted by No. 40/2022 s. 59(1)(b).

Homes Victoria means the body corporate established under section 9(2) of the Housing Act 1983;

security includes inscribed stock and debenture, bond, debenture stock, notes or any other document creating, evidencing or acknowledging indebtedness in respect of financial accommodation, whether or not constituting a charge on property;

VHB means Victorian Housing Bonds Limited A.C.N. 006 955 577.

S. 36J
inserted by No. 61/1995
s. 16.

36J Crown bound

This Part binds the Crown, not only in right of the State but also, so far as the legislative power of the Parliament permits, the Crown in all its other capacities.

S. 36K
inserted by No. 61/1995
s. 16.

36K Financial obligations of VHB

(1) The Governor in Council, on the recommendation of the Treasurer, may, by Order published in the Government Gazette, declare that the financial obligations of VHB, or financial obligations included in a class of financial obligations of VHB, specified in the Order, being financial obligations that are governed by the law of Victoria, are to be taken to be liabilities of the Corporation.

(2) On the publication of an Order under subsection (1)—

(a) all rights of VHB in and in respect of the financial accommodation or a financial arrangement to which the financial obligations specified in the Order relate vest in the Corporation; and

(b) all financial obligations of VHB in respect of that financial accommodation or financial arrangement become obligations of the Corporation; and

S. 36K(2)(c) amended by No. 74/2000 s. 3(Sch. 1 item 131).

(c) VHB ceases to have any rights or obligations in respect of that financial accommodation or financial arrangement; and

(d) any rights or obligations in respect of that financial accommodation or financial arrangement which are not assumed by the Corporation under this Part are extinguished; and

(e) in the case of a financial obligation relating to financial accommodation which is evidenced by an instrument, the instrument has effect as if it were a security issued by the Corporation.

(3) Despite the making of an Order under subsection (1) relating to financial obligations of VHB—

S. 36K(3)(a) amended by No. 40/2022 s. 59(2)(a).

(a) Homes Victoria must pay to the Corporation such amounts, and at such times, as VHB would have been liable to pay in respect of those financial obligations if the Order had not been made, except in so far as the Corporation and Homes Victoria otherwise agree; and

S. 36K(3)(b) amended by No. 40/2022 s. 59(2)(b).

(b) the Corporation must pay to Homes Victoria such amounts, and at such times, as VHB would have been entitled to receive in respect of the financial obligations if the Order had not been made, except in so far as the Corporation and Homes Victoria otherwise agree.

S. 36K(4) amended by No. 40/2022 s. 59(3).

(4) An amount payable under subsection (3) may be recovered in a court of competent jurisdiction as a debt due to the Corporation or Homes Victoria as the case requires.

S. 36L inserted by No. 61/1995 s. 16.

36L Guarantee

(1) The due satisfaction of amounts—

(a) payable by the Corporation as a result of or in connection with the operation of section 36K; or

S. 36L(1)(b) amended by No. 40/2022 s. 59(4).

(b) payable by Homes Victoria under section 36K(3)(a)—

including, without limiting the generality of the foregoing, the payment of expenses of enforcing or obtaining or endeavouring to enforce or obtain such satisfaction is guaranteed by the Government of Victoria.

(2) Any sums required by the Treasurer in fulfilling any liability arising under a guarantee referred to in subsection (1) shall be paid out of the Consolidated Fund (which is hereby to the necessary extent appropriated accordingly).

S. 36L(3) amended by No. 40/2022 s. 59(5).

(3) Any sums received or recovered by the Treasurer from the Corporation or Homes Victoria or otherwise in respect of any sums paid by the Treasurer under a guarantee referred to in subsection (1) shall be paid into the Consolidated Fund.

(4) A guarantee referred to in subsection (1) may be enforced against the Crown by a proceeding under Part II of the Crown Proceedings Act 1958.

S. 36M inserted by No. 61/1995 s. 16.

36M Validity of things done

Nothing in this Part or done or suffered under this Part—

(a) is to be regarded as placing any person in breach of contract or confidence or as otherwise making any person guilty of a civil wrong; or

(b) is to be regarded as placing any person in breach of or as constituting a default under any Act or other law or any provision in any agreement, arrangement or understanding including, without limiting the generality of the foregoing, any provision prohibiting, restricting or regulating the assignment or transfer of any right or liability or the disclosure of any information; or

(c) is to be regarded as fulfilling any condition which allows a person to terminate any agreement or obligation or modifying the operation or effect of any agreement or requiring any money to be paid, or declaring any money to be payable before its stated maturity; or

(d) releases any surety or other obligee wholly or in part from any obligation.

S. 36N inserted by No. 61/1995 s. 16.

36N Corporation to be party to certain proceedings

(1) If, immediately before the publication of an Order under section 36K, VHB was a party to proceedings relating to or affecting a transferred financial obligation, the Corporation is to be taken to be a party to those proceedings either in substitution for VHB or as an additional party, as the case requires.

(2) In this section transferred financial obligation means a financial obligation the rights or liabilities under which, by operation of or under this Part, are rights and liabilities of, or are assumed by, the Corporation.

S. 36O inserted by No. 61/1995 s. 16.

36O Instruments under which bonds issued

For the purposes of paragraph (f) of the definition of financial accommodation, bonds were issued under the following instruments—

Part 3C (Heading and ss 36P–36X) inserted by No. 16/2024 s. 57.

Part 3C—Transition loan program

S. 36P inserted by No. 16/2024 s. 57.

36P Definitions

In this Part—

borrower means a person to whom a transition loan is provided;

Register has the meaning given by section 4(1) of the Transfer of Land Act 1958;

statutory charge means a charge arising under section 36S(1);

transition loan means a loan provided under the transition loan program;

transition loan agreement means a contract or other agreement between the Corporation and a person under which a transition loan is provided to the person;

transition loan land means land in respect of which a transition loan is provided;

transition loan notice means a notice given by the Treasurer to the Corporation under section 36R(1);

transition loan program—see section 36Q.

S. 36Q inserted by No. 16/2024 s. 57.

36Q What is the *transition loan program*?

(1) The transition loan program is a program for the provision of loans by the Corporation to be used for the payment of duty under the Duties Act 2000 on transactions that result in land becoming tax reform scheme land under the Commercial and Industrial Property Tax Reform Act 2024.

(2) To avoid doubt, nothing in this Part or a transition loan notice—

(a) requires any person to apply for a transition loan; or

(b) requires the Corporation to provide a transition loan to any person, even if the person fulfils the eligibility criteria for a transition loan.

S. 36R inserted by No. 16/2024 s. 57.

36R Transition loan notice

(1) The Treasurer may determine any matters necessary for the operation of the transition loan program and give written notice of that determination to the Corporation.

(2) Without limiting subsection (1), a determination under that subsection may include—

(a) eligibility criteria for the provision of loans under the program; and

(b) certain terms and conditions to be included in transition loan agreements.

(3) As soon as possible after giving the Corporation a transition loan notice, the Treasurer must cause—

(a) a copy of the transition loan notice to be published in the Government Gazette; or

(b) a notice to be published in the Government Gazette giving particulars of a website where a copy of the transition loan notice is published.

(4) The Corporation must comply with a transition loan notice.

(5) Nothing in a transition loan notice prohibits or restricts the Corporation from including any term or condition in a transition loan agreement that is not inconsistent with any matters determined under subsection (1).

(6) Nothing in a transition loan notice given to the Corporation subsequent to the first transition loan notice affects any transition loan agreement entered into before the subsequent transition loan notice is given to the Corporation.

S. 36S inserted by No. 16/2024 s. 57.

36S Security for transition loan

(1) Any amounts owing by the borrower to the Corporation under a transition loan agreement (including principal, interest and costs associated with the borrower's obligations under the transition loan agreement) are a first charge on the borrower's interest in the transition loan land.

(2) The statutory charge, when notice of it is recorded under section 36T, has priority over all other encumbrances to which the borrower's interest in the transition loan land is subject, including any charges arising or imposed under any other Act.

S. 36T inserted by No. 16/2024 s. 57.

36T Recording of notice of statutory charge

(1) As soon as practicable after entering into a transition loan agreement, the Corporation must lodge a notice under section 106B(1) of the Transfer of Land Act 1958 of the statutory charge in respect of the transition loan agreement and section 106B(2) of that Act applies accordingly.

(2) The Registrar of Titles must make a recording of the notice in the Register whether or not the Corporation produces any relevant certificate of title or other administrative notice.

(3) While the notice remains recorded in the Register, a transfer of the borrower's interest in the transition loan land cannot be registered except where the land is sold under section 36U.

(4) The Registrar of Titles must comply with a request made by the Corporation under section 106B(2) of the Transfer of Land Act 1958.

S. 36U inserted by No. 16/2024 s. 57.

36U Enforcement of statutory charge

(1) For the purpose of enforcing a statutory charge in respect of an amount that is due but unpaid under a transition loan agreement, the Corporation may sell the transition loan land.

(2) In exercising a power of sale under subsection (1), the Corporation must use all reasonable endeavours to sell the transition loan land for the best price that is reasonably obtainable, having regard to—

(a) the circumstances existing at the date of the sale; and

(b) the estimated value of the land as set out in a written valuation by a valuer that was made not more than 6 months before the date of the sale.

(3) At least 4 weeks before selling the transition loan land, the Corporation must—

(a) if it appears from the Register or from any memorial in the office of the Registrar-General that another person has an estate or interest in the land, serve on that person a notice stating that the land is to be sold; and

(b) ensure that public notice of its intention to sell the land is given.

(4) If the transition loan land is not under the Transfer of Land Act 1958, it must be brought under that Act before it is sold.

(5) Section 77 of the Transfer of Land Act 1958 applies to the sale to the extent that it is consistent with this section as if—

(a) the statutory charge were a registered mortgage registered in priority to other registered encumbrances; and

(b) the Corporation were a mortgagee under that mortgage; and

(c) the owner of the transition loan land were a mortgagor under that mortgage; and

(d) the requirement relating to the giving of notice or demand were deleted.

(6) The Registrar of Titles may dispense with the production of the certificate of title for the purpose of registering a transfer on the sale of the transition loan land.

(7) To avoid doubt, if the borrower had a partial interest only in the transition loan land, this section applies as if a reference to the land were a reference to that interest.

(8) In this section—

valuer means a person who holds the qualifications or experience specified under section 13DA(2) of the Valuation of Land Act 1960.

S. 36V inserted by No. 16/2024 s. 57.

36V Guarantee

The Treasurer, on behalf of the Government of Victoria, may execute a guarantee in favour of the Corporation guaranteeing the performance of borrowers' obligations under transition loan agreements on any terms and conditions that the Treasurer determines.

S. 36W inserted by No. 16/2024 s. 57.

36W Disclosure of information

(1) Subject to subsection (2), the Corporation may provide to any person in any manner the Corporation thinks fit—

(a) any information about whether any land is subject to a statutory charge, including details of any amounts secured by the statutory charge; or

(b) any information obtained by the Corporation under or in connection with the transition loan program.

(2) Subsection (1)(b) does not apply to any information obtained by the Corporation from a tax officer under section 92 of the Taxation Administration Act 1997.

S. 36X inserted by No. 16/2024 s. 57.

36X Effect of subdivision or consolidation on statutory charge

(1) Subject to subsection (2), if transition loan land subject to a statutory charge is subdivided, the statutory charge continues to apply to each subdivided lot that was previously part of the transition loan land.

(2) Subsection (1) does not apply—

(a) at any time after ownership of the subdivided lot changes; or

(b) to a subdivided lot that is freed and discharged from all mortgages, charges and other encumbrances on registration of the plan of subdivision under the Subdivision Act 1988.

(3) Subject to subsection (4), if transition loan land subject to a statutory charge is consolidated with other land, the statutory charge continues to apply to that part of the consolidated land to which it previously applied (the relevant part).

(4) Subsection (3) does not apply at any time after ownership of the relevant part changes.

(5) The statutory charge that continues to apply to each lot under subsection (1) or to the relevant part under subsection (3) secures the whole of the amount owing under the transition loan agreement to which the statutory charge relates.

Pt 4 (Heading and ss 37–39) amended by Nos 31/1993 s. 7(b), 35/1994 s. 9(c), repealed by No. 31/1994 s. 4(Sch. 2 item 95), new Pt 4 (Heading and ss 37, 38) inserted by No. 24/1995 s. 7.

Part 4—Debt retirement

New s. 37 inserted by No. 24/1995 s. 7.

37 Assets and liabilities of Victorian Debt Retirement Fund

(1) On 1 July 1995—

(a) the amount standing to the credit of the Victorian Debt Retirement Fund established under the Victorian Debt Retirement Fund Act 1990 and all assets of the Fund vest in the Corporation; and

(b) all liabilities of the Fund, or of the Corporation in respect of the Fund, become liabilities of the Corporation; and

(c) all investments of the Fund held by the Corporation vest in the Corporation.

New s. 38 inserted by No. 24/1995 s. 7.

38 Appropriation for further debt retirement

There may be paid to the Corporation such amounts as the Treasurer from time to time determines to reduce the liability of the State to the Corporation in respect of financial accommodation provided by the Corporation and the Consolidated Fund is hereby to the necessary extent appropriated accordingly.

S. 39
repealed by No. 31/1994 s. 4(Sch. 2 item 95).

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Part 5—General

40 Exemption from Freedom of Information Act 1982

The Corporation is not, and is not eligible to be declared to be, an agency or prescribed authority within the meaning of the Freedom of Information Act 1982.

41 Securities of Corporation lawful investment

(1) Subject to subsection (2), in addition to any other powers of investment—

(a) a trustee, unless expressly forbidden by the instrument (if any) creating the trust; and

(b) a public authority—

may invest money—

(c) in securities issued by the Corporation or by VicFin; or

(d) in bills of exchange accepted by the Corporation or by VicFin; or

(e) on deposit with the Corporation.

(2) Subsection (1) does not authorise a trustee to invest money as mentioned in that subsection unless the repayment of the money so invested is guaranteed by or on behalf of the Government of Victoria.

42 Owner of security not responsible for application of money

A person advancing money to the Corporation and receiving in consideration of that advance any securities issued by the Corporation is not bound to inquire into the application of the money advanced and is not in any way responsible for its non-application or misapplication.

43 No notice of trust receivable

A participating authority or the Corporation or any officer of a participating authority or the Corporation must not be taken to have received any notice of trust, whether express, implied or constructive, or to be required to see to the execution of any trust in relation to any securities issued by the Corporation or VicFin.

44 Regulations

(1) The Governor in Council may make regulations for or with respect to—

(a) prescribing bodies and trustees as bodies and trustees to which this Act applies;

(b) any other matter or thing required or permitted by this Act to be prescribed or necessary to be prescribed to give effect to this Act.

S. 44(2) amended by No. 78/2010 s. 24(Sch. 1 item 34.1).

(2) Regulations made under this section may be disallowed in whole or in part by resolution of either House of the Parliament.

S. 44(3) repealed by No. 78/2010 s. 24(Sch. 1 item 34.2).

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Part 6—Transitional

45 Corporation to become successor in law of VicFin

On the commencement of this section—

(a) all property and rights of VicFin, wherever located, vest in the Corporation; and

(b) all liabilities of VicFin, wherever located, become liabilities of the Corporation; and

(c) the Corporation becomes the successor in law of VicFin; and

(d) VicFin ceases to exist.

46 VicFin instruments

(1) Each VicFin instrument continues to have effect according to its tenor on and after the commencement of this section as if a reference in the instrument to VicFin were a reference to the Corporation.

(2) In this section, VicFin instrument means an instrument (including a legislative instrument other than this Act) subsisting immediately before the commencement of this section—

(a) given by VicFin or to which VicFin was a party; or

(b) that was given to or in favour of VicFin; or

(c) that refers to VicFin; or

(d) under which—

(i) money is, or may become, payable to or by VicFin; or

(ii) other property is to be, or may become liable to be, transferred to or by VicFin.

(3) A guarantee in force under section 31 of the Victorian Public Authorities Finance Act 1984 immediately before the commencement of this section in relation to a VicFin instrument continues in force in relation to that instrument.

(4) Section 34 applies in respect of a guarantee continued in force by subsection (3) as if the guarantee had been given under this Act.

47 Pending proceedings

Where, immediately before the commencement of this section, proceedings (including arbitration proceedings) to which VicFin was a party were pending or existing in any court or tribunal, then, on and after that commencement, the Corporation is substituted for VicFin as a party to the proceedings and has the same rights in the proceedings as VicFin had.

48 Participating authorities

A body that, immediately before the commencement of this section, was a participating authority within the meaning of, or for the purposes of, the Victorian Public Authorities Finance Act 1984 is to be taken to be a body that is accepted by the Corporation at that commencement as a participating authority for the purposes of this Act.

49 Regulations under VicFin Act

Regulations in force under the Victorian Public Authorities Finance Act 1984 immediately before the commencement of this section are deemed to be regulations made under this Act and may be amended or revoked as if so made.

50 General Manager of VicFin

The person holding office as the General Manager of VicFin immediately before the commencement of this section is deemed to have been appointed under section 24 as the first chief executive officer of the Corporation for a term ending on the same day as the day on which the appointment as General Manager ends or at the expiration of 5 years from the commencement of this section, whichever first occurs, and otherwise on the same terms and conditions as those on which the person was appointed as General Manager of VicFin.

S. 50A inserted by No. 35/1994 s. 5.

50A Validation

(1) If, before the commencement of section 45, VicFin entered into, or purported to enter into, a transaction or arrangement for, with or on behalf of a person, body or entity that was not, or may not have been, a participating authority within the meaning of the Victorian Public Authorities Finance Act 1984, the transaction or arrangement is to be taken to have been authorised, and may be enforced, as if it were a transaction or arrangement that VicFin had been authorised to enter into under that Act.

(2) The validity of an act or transaction of the Corporation, as the successor in law of VicFin, shall not be called into question in any proceedings on the ground that a person, body or entity was not, or may not have been, a participating authority within the meaning of the Victorian Public Authorities Finance Act 1984 when VicFin entered into, or purported to enter into, a transaction or agreement for, with or on behalf of that person, body or entity.

(3) Nothing in this section—

(a) is to be regarded as placing the Corporation, the State or any other person in breach of contract or confidence or as otherwise making the Corporation, the State or any other person guilty of a civil wrong; or

(b) is to be regarded as placing a person in breach of or as constituting a default under any Act or other law or any provision of an agreement, arrangement or understanding including, without limiting the generality of the foregoing, any provision prohibiting, restricting or regulating the assignment or transfer of any right or liability or the disclosure of any information; or

(c) is to be regarded as fulfilling any condition which allows a person to terminate any agreement or obligation or modifying the effect of any agreement or requiring any money to be paid, or declaring any money to be payable before its stated maturity; or

(d) releases any surety or other obligee wholly or in part from any obligation.

S. 50B inserted by No. 35/1994 s. 5.

50B Supreme Court—limitation of jurisdiction

It is the intention of this section to alter or vary section 85 of the Constitution Act 1975 to the extent necessary to prevent the Supreme Court entertaining proceedings in respect of a matter referred to in section 50A.

Pt 7 (Heading and ss 51–57) repealed by No. 31/1993 s. 8.

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Sch. 1 amended.[2]

Schedule 1—Public authorities

Endnotes

1 General information

See www.legislation.vic.gov.au for Victorian Bills, Acts and current Versions of legislation and up-to-date legislative information.

Minister's second reading speech—

Legislative Assembly: 4 November 1992

Legislative Council: 10 November 1992

The long title for the Bill for this Act was "A Bill to establish the Treasury Corporation of Victoria, to repeal the Victorian Public Authorities Finance Act 1984, to make consequential amendments to certain Acts and for other purposes.".

The Treasury Corporation of Victoria Act 1992 was assented to on 24 November 1992 and came into operation on 1 January 1993: Special Gazette (No. 69) 23 December 1992 page 1.

INTERPRETATION OF LEGISLATION ACT 1984 (ILA)

Style changes

Section 54A of the ILA authorises the making of the style changes set out in Schedule 1 to that Act.

References to ILA s. 39B

Sidenotes which cite ILA s. 39B refer to section 39B of the ILA which provides that where an undivided section or clause of a Schedule is amended by the insertion of one or more subsections or subclauses, the original section or clause becomes subsection or subclause (1) and is amended by the insertion of the expression "(1)" at the beginning of the original section or clause.

Interpretation

As from 1 January 2001, amendments to section 36 of the ILA have the following effects:

• Headings

All headings included in an Act which is passed on or after 1 January 2001 form part of that Act. Any heading inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, forms part of that Act. This includes headings to Parts, Divisions or Subdivisions in a Schedule; sections; clauses; items; tables; columns; examples; diagrams; notes or forms. See section 36(1A)(2A).

• Examples, diagrams or notes

All examples, diagrams or notes included in an Act which is passed on or after 1 January 2001 form part of that Act. Any examples, diagrams or notes inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, form part of that Act. See section 36(3A).

• Punctuation

All punctuation included in an Act which is passed on or after 1 January 2001 forms part of that Act. Any punctuation inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, forms part of that Act. See section 36(3B).

• Provision numbers

All provision numbers included in an Act form part of that Act, whether inserted in the Act before, on or after 1 January 2001. Provision numbers include section numbers, subsection numbers, paragraphs and subparagraphs. See section 36(3C).

• Location of "legislative items"

A "legislative item" is a penalty, an example or a note. As from 13 October 2004, a legislative item relating to a provision of an Act is taken to be at the foot of that provision even if it is preceded or followed by another legislative item that relates to that provision. For example, if a penalty at the foot of a provision is followed by a note, both of these legislative items will be regarded as being at the foot of that provision. See section 36B.

• Other material

Any explanatory memorandum, table of provisions, endnotes, index and other material printed after the Endnotes does not form part of an Act.
See section 36(3)(3D)(3E).

2 Table of Amendments

This publication incorporates amendments made to the Treasury Corporation of Victoria Act 1992 by Acts and subordinate instruments.

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Treasury Corporation of Victoria (Debt Centralisation) Act 1993, No. 31/1993

Electricity Industry Act 1993, No. 130/1993

Financial Management Act 1994, No. 18/1994

Financial Management (Consequential Amendments) Act 1994, No. 31/1994

Treasury Corporation of Victoria (Amendment) Act 1994, No. 35/1994

Electricity Industry (Amendment) Act 1994, No. 53/1994

Electricity Industry (Further Amendment) Act 1994, No. 110/1994

Gas Industry Act 1994, No. 112/1994

Water Industry Act 1994, No. 121/1994

Treasury Corporation of Victoria (Amendment) Act 1995, No. 24/1995

Gas and Fuel Corporation (Repeal) Act 1995, No. 31/1995

Grain Handling and Storage Act 1995, No. 45/1995

Electricity Industry (Amendment) Act 1995, No. 56/1995

Treasury Corporation of Victoria (Housing Finance) Act 1995, No. 61/1995

Port Services Act 1995, No. 82/1995

Miscellaneous Acts (Omnibus Amendments) Act 1995, No. 100/1995

Miscellaneous Acts (Further Omnibus Amendments) Act 1996, No. 73/1996

Rail Corporations Act 1996, No. 79/1996

Electricity Industry (Miscellaneous Amendment) Act 1997, No. 35/1997

Urban Land Corporation Act 1997, No. 71/1997

Gas Industry (Further Amendment) Act 1997, No. 91/1997

Rail Corporations (Amendment) Act 1997, No. 104/1997

Public Sector Reform (Miscellaneous Amendments) Act 1998, No. 46/1998

Rail Corporations (Further Amendment) Act 1998, No. 98/1998

Rail Corporations and Transport Acts (Miscellaneous Amendments) Act 1999, No. 63/1999

Electricity Industry Legislation (Miscellaneous Amendments) Act 2000, No. 69/2000

Statute Law Revision Act 2000, No. 74/2000

Urban Land Corporation (Amendment) Act 2001, No. 29/2001

Gas Industry Legislation (Miscellaneous Amendments) Act 2001, No. 32/2001

Port Services (Port of Melbourne Reform) Act 2003, No. 23/2003

Transport (Miscellaneous Amendments) Act 2003, No. 34/2003

Victorian Urban Development Authority Act 2003, No. 59/2003

Port Services (Port Management Reform) Act 2003, No. 85/2003

Public Administration Act 2004, No. 108/2004

Statute Law (Further Revision) Act 2006, No. 29/2006

Public Sector Acts (Further Workplace Protection and Other Matters) Act 2006, No. 80/2006

Transport Integration Act 2010, No. 6/2010 (as amended by No. 45/2010)

Transport Legislation Amendment (Ports Integration) Act 2010, No. 45/2010

Subordinate Legislation Amendment Act 2010, No. 78/2010

Victorian Urban Development Authority Amendment (Urban Renewal Authority Victoria) Act 2011, No. 35/2011

Transport Legislation Amendment (Port of Hastings Development Authority) Act 2011, No. 38/2011

Delivering Victorian Infrastructure (Port of Melbourne Lease Transaction) Act 2016, No. 10/2016

Urban Renewal Authority Victoria Amendment (Development Victoria) Act 2017, No. 10/2017

Suburban Rail Loop Act 2021, No. 43/2021

Transport Legislation Amendment (Port Reforms and Other Matters) Act 2022, No. 19/2022

Residential Tenancies, Housing and Social Services Regulation Amendment (Administration and Other Matters) Act 2022, No. 40/2022

State Taxation Acts and Other Acts Amendment Act 2023, No. 38/2023

State Electricity Commission Amendment Act 2024, No. 11/2024

Commercial and Industrial Property Tax Reform Act 2024, No. 16/2024

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3 Explanatory details

1. S. 36A def. of public authority: amended by Nos 130/1993 s. 122(Sch. 4 item 15.1), 53/1994 s. 34(Sch. 1 item 10.1), 110/1994 s. 41(Sch. 1 item 10.1), 112/1994 s. 114(Sch. 5 item 11.1), 121/1994 s. 215, 31/1995 s. 52(Sch. 1 item 10.1), 45/1995 s. 38, 56/1995 s. 68(Sch. 1 item 4), 82/1995 s. 195(1), 100/1995 s. 10(1)(Sch. 1 item 7.2(b)), 79/1996 s. 59(1), 35/1997 s. 31(1), 91/1997 s. 52, 71/1997 s. 33(1), 104/1997 s. 57(1), 98/1998 s. 49(1), 63/1999 s. 15(1)(a)–(f), 69/2000 s. 64(1)(a)(b), 29/2001 s. 11(1), 32/2001 s. 40(1), 34/2003 s. 16(3)(a), 59/2003 s. 125(1), 23/2003 s. 31(1)(a)(b), 85/2003 s. 35(a), 6/2010 s. 203(1)(Sch. 6 item 47.1) (as amended by No. 45/2010 s. 22), 35/2011 s. 21(1), 38/2011 s. 43, 10/2016 s. 179(Sch. 1 item 10.1), 10/2017 s. 39(1), 43/2021 s. 219(Sch. 1 item 12.1), 19/2022 s. 96, 11/2024 s. 111. ↑

2. Sch. 1 inserted by No. 31/1993 s. 9, amended by Nos 130/1993 s. 122(Sch. 4 item 15.2), 53/1994 s. 34(Sch. 1 item 10.2(a)(b)), 110/1994 s. 41(Sch. 1 item 10.2(a)(b)), 112/1994 s. 114(Sch. 5 item 11.2), 31/1995 s. 52(Sch. 1 item 10.2), 82/1995 s. 195(2), 79/1996 s. 59(2), 71/1997s. 33(2), 104/1997 s. 57(2), 98/1998 s. 49(2), 63/1999 s. 15(2)(a)–(f), 69/2000 s. 64(2)(3), 29/2001 s. 11(2)(a)(b), 32/2001 s. 40(2)(a)(b), 34/2003 s. 16(3)(b), 59/2003 s. 125(2), 23/2003 s. 31(2), 85/2003 s. 35(b), 6/2010 s. 203(1)(Sch. 6 items 47.2, 47.3) (as amended by No. 45/2010 s. 22), 45/2010 s. 57, 35/2011 s. 21(2)(3), 38/2011 s. 44, 10/2016 s. 179(Sch. 1 item 10.2), 10/2017 s. 39(2), 43/2021 s. 219(Sch. 1 item 12.2), 19/2022 s. 97, 38/2023 s. 17, 11/2024 s. 112. ↑