Electricity Commission (Financial Accommodation) Amendment Act 1978 (NSW)

ELECTRICITY COMMISSION (FINANCIAL AC­ COMMODATION) AMENDMENT ACT, 1978,

No. 14

A N N O VICESIMO SEPTIMO

E L I Z A B E T H E II R E G I N E

Act No. 14, 1978.

An Act to amend the Electricity Commission Act, 1950, with respect to the obtaining of financial accommodation by the Electricity Commission of New South Wales. [Assented to, 16th March, 1978.1

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BE it enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows :—

1.     This Act may be cited as the "Electricity Commission

(Financial Accommodation) Amendment Act, 1978".

2.      The Electricity Commission Act, 1950, is amended—

(a) by inserting after section 38 the following section :—

38A. (1) Without affecting section 38, the Commission may enter into arrangements to borrow money from, or obtain advances from, or obtain other financial accommodation from, an approved person or body, whether in New South Wales or elsewhere, to such extent and secured and arranged

in such manner and for such period as may be

approved.

(2) The due payment of any amounts payable by the Commission pursuant to any arrangements entered into under this section, and any interest or other charges in relation thereto, is hereby guaranteed by the Government, and any liability arising from the guarantee shall be payable out of money provided by Parliament.

(3) Where the approval of the Governor in relation to any arrangements is expressed to be given under this section, the succeeding sections of this Division do not apply to or in respect of the arrangements, but this subsection does not prevent the borrowing of money under section 39 for the discharge or partial discharge of any indebtedness to any person or body referred to in subsection (1).

(4) In this section—

"approved" means approved from time to time by the Governor on the recommendation of the Minister and the Treasurer;

"financial accommodation" includes financial accommodation by way of credit arrange­ ments, including arrangements for the deferred payment by the Commission of amounts payable by it under any contract or agreement entered into by it, but not including any arrangements that provide for the payment of instalments where the extension of credit to the Commission is not involved.

(b)	by omitting from section 39 (e) the words "or to any bank" and by inserting instead the words ", or to any bank or to any person or body referred to
in section 38A (1)".