AustLII Tasmanian Consolidated Acts

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FOREST PRACTICES ACT 1985 - SECT 4S

4S. Borrowing from person other than Treasurer

(1) The Authority may borrow money from a person or body other than the Treasurer for the purposes of performing its functions and achieving its objectives.
(2) The total of all amounts of money borrowed under this section during a financial year must not exceed the maximum amount determined by the Treasurer, in writing, in respect of that financial year.
(3) The Authority may use all or part of its assets as security for money borrowed by it under subsection (1) and any interest or charges payable in respect of that borrowing.
(4) If requested to do so by the Authority, the Treasurer may guarantee the payment or repayment to a person or body from which the Authority borrows money under subsection (1) of any or all of the following:

(a) the amount borrowed;

(b) any interest payable in respect of the amount borrowed;

(c) any charges relating to the borrowing;

(d) any expenses of that person or body incurred in relation to the borrowing and which are payable by the Authority.

(5) A guarantee is subject to the conditions determined by the Treasurer.
(6) A payment or repayment which is required under a guarantee is payable out of the Consolidated Fund without further appropriation than this section.
(7) If the Treasurer makes any payment or repayment under a guarantee, an amount equal to the amount so paid or repaid, and any interest payable by the Authority in accordance with the conditions to which the guarantee is subject, is a debt repayable by the Authority into the Consolidated Fund on the conditions and in the manner determined by the Treasurer.



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