Victorian Current Acts

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Arrangements for temporary advances

    (1)     If at any time the Minister is of the opinion that the money in the Consolidated Fund is likely to be insufficient to meet appropriations authorised by any Act, the Governor in Council, on the recommendation of the Minister, may authorise the Minister to make arrangements for obtaining temporary advances.

    (2)     Advances arranged under subsection (1) shall be deemed to be money legally available to meet appropriations from the Consolidated Fund authorised by any Act.

    (3)     Subject to subsection (5), money raised by temporary advance during any financial year under this section—

        (a)     must be credited to a special account in the Trust Fund; and

        (b)     must be issued and applied solely for the purposes for which the Consolidated Fund has been appropriated by any Act; and

        (c)     must be repaid with interest during the financial year in which the temporary advance is obtained.

    (4)     The interest on a temporary advance under this section shall be at a rate not exceeding that for the time being fixed by order of the Minister and shall be chargeable upon the Consolidated Fund, which is to the necessary extent appropriated accordingly.

    (5)     If, in a financial year, money received in the Consolidated Fund is insufficient to provide for the repayment of a temporary advance in whole or in part during that year, the temporary advance or part not repaid shall be repaid out of money received into the Consolidated Fund during a succeeding financial year.

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