Young Men's Christian Association of Ballarat (Guarantee) Act 1979

Version No. 001 Young Men's Christian Association of Ballarat (Guarantee) Act 1979 Act No. 9310/1979 Version as at 18 February 2003

TABLE OF PROVISIONS

Section Page 1. Short title and commencement 2 2. Definitions 2 3. Power to Treasurer to execute guarantee 2 4. Consolidated Fund 3 ═══════════════

ENDNOTES 4 1. General Information 4 2. Table of Amendments 5 3. Explanatory Details 6

i Version No. 001 Young Men's Christian Association of Ballarat (Guarantee) Act 1979 Act No. 9310/1979

Version as at 18 February 2003

An Act to authorize the Treasurer of Victoria to guarantee the Repayment of certain Moneys proposed to be borrowed by the Young Men's Christian Association of Ballarat and for other purposes.

Preamble WHEREAS the Young Men's Christian Association of Ballarat (hereafter in this preamble called "the Association") is a company limited by guarantee and incorporated pursuant to the provisions of the Companies Act 1890: AND WHEREAS it is one of the objects of the Association to promote better recreation for young people: AND WHEREAS the Association is to undertake the erection of recreation facilities on lands in Ballarat of which it is the registered proprietor of an estate in fee simple: AND WHEREAS the Government of Victoria is desirous of helping the Association in carrying out the undertaking: AND WHEREAS to meet the estimated cost of the undertaking it will be necessary for the Association to borrow certain moneys and it will be able to borrow the moneys required if repayment thereof is guaranteed by the Government of Victoria: AND WHEREAS it is expedient to make provision as hereinafter enacted:

1 s. 1

BE IT THEREFORE ENACTED by the Queen's Most Excellent Majesty by and with the advice and consent of the Legislative Council and the Legislative Assembly of Victoria in this present Parliament assembled and by the authority of the same as follows (that is to say):

1. Short title and commencement (1) This Act may be cited as the Young Men's Christian Association of Ballarat (Guarantee) Act 1979. (2) This Act shall come into operation on the day on which it receives the Royal Assent. 2. Definitions In this Act— "Association" means the Young Men's Christian Association of Ballarat, a company limited by guarantee and incorporated pursuant to the provisions of the Companies Act 1890; "Treasurer" means the Treasurer of Victoria. 3. Power to Treasurer to execute guarantee (1) The Treasurer may execute in favour of any person a guarantee guaranteeing the repayment of a loan not exceeding the amount of $500 000 made or to be made by that person to the Association. (2) A guarantee by the Treasurer pursuant to sub- section (1)— (a) shall, subject to this sub-section, be in such form and subject to such terms and conditions as he thinks fit; (b) may extent to any interest charges and other expenses chargeable by the person making the loan and the expenses of enforcing or obtaining or endeavouring to enforce or

2 s. 4

obtain repayment of the loan and those interest charges and expenses; (c) shall be subject to a condition that the person making the loan shall obtain, take and hold or retain and hold securities of such nature as the Treasurer may require for the repayment of the loan and the payment of any interest charges and expenses; (d) shall be subject to a condition that the person making the loan shall not without the prior consent in writing of the Treasurer assign or encumber the benefit of the guarantee; and (e) shall not be enforceable against the Treasurer unless and until the person making the loan has, to the Treasurer's satisfaction, exercised its rights and remedies under all securities held by or for it in respect of the loan and any interest charges and expenses. 4. Consolidated Fund (1) Such sums as may from time to time become due and payable by the Treasurer under any guarantee authorized by this Act shall be paid out of the Consolidated Fund (which is hereby to the necessary extent appropriated accordingly). (2) Such sums as may from time to time be received or recovered by the Treasurer in respect of any amounts paid under a guarantee authorized by this Act shall be paid into the Consolidated Fund. ═══════════════

3 Young Men's Christian Association of Ballarat (Guarantee) Act 1979 Act No. 9310/1979 Endnotes

ENDNOTES

1. General Information The Young Men's Christian Association of Ballarat (Guarantee) Act 1979 was assented to on 11 December 1979 and came into operation on 11 December 1979: section 1(2).

4 Young Men's Christian Association of Ballarat (Guarantee) Act 1979 Endnotes Act No. 9310/1979

2. Table of Amendments There are no amendments made to the Young Men's Christian Association of Ballarat (Guarantee) Act 1979 by Acts and subordinate instruments.

5 Young Men's Christian Association of Ballarat (Guarantee) Act 1979 Act No. 9310/1979 Endnotes

3. Explanatory Details No entries at date of publication.