Victorian Current Acts

MUNICIPAL ASSOCIATION ACT 1907 - SECT 19

For the purpose of enabling the maximum utilization of money in the Fund the Association may—

S. 19(a) amended by No. 11/2001 s. 3(Sch. item 52.3(a)).

        (a)     obtain temporary financial accommodation from any authorised deposit-taking institution by way of overdraft; and

S. 19(b) amended by No. 11/2001 s. 3(Sch. item 52.3(b)).

        (b)     obtain temporary financial accommodation from any institution person or body other than an authorised deposit-taking institution—

              (i)     which does not exceed 20 per centum or such higher per centum as may be determined by the Treasurer from time to time and specified in a notice published in the Government Gazette of the total liabilities of the Association in respect of the Fund at the time at which the temporary financial accommodation is obtained; and

              (ii)     which is fully secured by investments the market value of which at the time at which the temporary financial accommodation is obtained is not less than the amount of the temporary financial accommodation.

S. 20
inserted by No. 9866 s. 2(c).