Art Gallery Act Amendment Act 1974 (WA)

WESTERN AUSTRALIA.

ART GALLERY.

No. 38 of 1974.

AN ACT to amend the Art Gallery Act, 1959-1968.

[Assented to 15th November, 19741

BE it enacted by the Queen's Most ExcellentMajesty, by and with the advice and consent of the Legislative Council and the Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:—

1. (1) This Act may be cited as the Art Gallery Viiaritglie„„.

Act Amendment Act, 1974.

(2) In this Act the Art Gallery Act, 1959-1968, zo rrotdf oasr

is referred to as the principal Act.	March, 1970.
reprint 20th

(3) The principal Act as amended by this Act

may be cited as the Art Gallery Act, 1959-1974.

No. 38.] Art Gallery. [1974.

Section 20A

added.	2. The principal Act is amended by inserting immediately following section 20 a new section, to stand as section 20A, as follows-
Power to

borrow 20A. (1) The Board shall have power to

money.	borrow money upon the guarantee of the Treasurer of the State for the purposes of carrying out its powers and functions under this Act.
(2) The Board Is authorized with the prior approval in writing of the Treasurer to borrow money upon such terms and conditions only as the Treasurer approves.

The Treasurer is hereby authorized to so approve and to give the guarantee, including the guarantee of interest, in subsection (1), for and on behalf of the Crown in right of the State.

(3)

Any moneys borrowed by the Board under this section may be raised as one loan or as several loans and in such manner as the Treasurer may approve, but the amount of the moneys so borrowed shall not in any one year exceed in the aggregate such amount as the Treasurer approves.

(4)

(5) Before a guarantee is given by the Treasurer under this section, the Board shall give to the Treasurer such security as the Treasurer may require and shall execute all such instruments as may be necessary for the purpose.

The Board shall use all moneys borrowed under the power conferred by this section for the purposes of carrying this Act into effect. .

(6)

1974.] Art Gallery. [No. 38.

Section 22

3. Section 22 of the principal Act is amended by amended.

adding after subsection (4) thereof a new subsec-

tion as follows

(5) Notwithstanding the provisions of sub- section (4) of this section or any other Act to the contrary, where any moneys standing to the credit of the Fund are not immediately required for the purposes of this Act the Board may invest them in any investments authorised by law as those in which trust funds may be invested. .