Master Builders' Association of Victoria (Guarantee) Act 1979 (Vic)

Version No. 001

Master Builders' Association of Victoria (Guarantee) Act 1979

Act No. 9350/1979

Version as at 14 February 2000

TABLE OF PROVISIONS

Section  Page

1.Short title and commencement

2.Power of Treasurer to execute guarantees

3.Appropriation

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ENDNOTES

1.  General Information

2.  Table of Amendments

3.  Explanatory Details

Version No. 001

Master Builders' Association of Victoria (Guarantee) Act 1979

Act No. 9350/1979

Version as at 14 February 2000

An Act to authorize the Treasurer of Victoria to Guarantee certain Moneys proposed to be borrowed by the Master Builders' Association of Victoria and for other purposes.

Preamble

WHEREAS the Master Builders' Association of Victoria (hereinafter in this Act called "the Association") is a company limited by guarantee formed for the purpose, amongst others, of promoting the interests of the Building and Construction Industry:

AND WHEREAS an object of the Association is to support, encourage and maintain a practical system of apprenticeship combined with technical education:

AND WHEREAS the Association seeks to borrow moneys to implement a scheme which will enable it to employ apprentices:

AND WHEREAS the Association will be able to borrow the moneys required to defray the cost of the scheme if the repayment of the moneys is guaranteed by the Government of Victoria:

AND WHEREAS it is expedient to make provision as hereinafter enacted:

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 Master Builders' Association of Victoria (Guarantee) Act 1979.

(2)This Act shall come into operation on the day on which it receives the Royal Assent.

2.Power of Treasurer to execute guarantees

(1)Subject to this section the Treasurer of Victoria may execute a guarantee in favour of any person or body guaranteeing the repayment of a loan to be made by that person or body to the Association.

(2)A guarantee by the Treasurer pursuant to sub-section (1) shall be executed only in respect of a loan—

(a)for the implementation of a scheme approved by the Treasurer to enable the employment of apprentices;

(b)the terms and conditions of which have been approved by the Treasurer; and

(c)which does not exceed the amount currently set by the Treasurer as the maximum amount of such a loan.

(3)The following provisions shall apply to and with respect to a guarantee under this Act—

(a)the guarantee may include any interest charges and expenses chargeable by the creditor against the Association and the expenses of enforcing or obtaining or endeavouring to enforce or obtain payment of the amount guaranteed and those interest charges and expenses;

(b)the creditor shall, if required to do so by the Treasurer, obtain take and hold or retain and hold securities of such a nature as the Treasurer may require for the payment of the amount guaranteed;

(c)the guarantee shall not be enforceable against the Treasurer unless and until the creditor has exercised his rights and remedies under all securities held by or for him in respect of the amount borrowed to the satisfaction of the Treasurer;

(d)the creditor shall not without the consent in writing of the Treasurer assign or encumber the benefit of the guarantee;

(e)the guarantee shall be in such form and shall be subject to such other terms and conditions as the Treasurer thinks fit.

3.Appropriation

All sums that 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).

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ENDNOTES

1.     General Information

The Master Builders' Association of Victoria (Guarantee) Act 1979 was assented to on 20 December 1979 and came into operation on 20 December 1979: section 1(2).

2.     Table of Amendments

There are no amendments made to the Master Builders' Association of Victoria (Guarantee) Act 1979 by Acts and subordinate instruments.

3.     Explanatory Details

No entries at date of publication.