Small Business Development Corporation Act Amendment Act 1983 (Qld)

187 (i neenitanb ANNO TRICESIMO SECUNDO ELIZABETHAE SECUNDAE REGINAE No. 17 of 1983 An Act to amend the Small Business DevelopmentCorporationAct 1980 in certain particulars and for related purposes [ASSENTED TO 19TH APRIL, 1983]

188 Small Business Development Corporation Act Amendment Act 1983, No. 17 BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- 1. Short title and citation . (1) This Act may be cited as the Small Business Development Corporation Act Amendment Act 1983. (2) In this Act the Small Business Development Corporation Act1980 is referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Small Business Development Corporation Act1980-1983. 2. Amendment of s. 2 . Interpretation . Section 2 of the Principal Act is amended by- (a) inserting after the definition " Corporation " the following definition:- " deppuuttyy chairman " means the deputy chairman of the Corporation "; (b) inserting after the definition " executive director " the following definition:- " financciiaall year " means the period commencing on 1 July in any calendar year and concluding on 30 June in the next succeeding calendar year; " Industries Assistance Board " means the Industries Assistance Board constituted under the IndustrialDevelopment Act1963-1981; " manager " means the person appointed as manager of the Corporation pursuant to section 22; " prescribed requirements " means requirements prescribed by or under this Act or any other law, by the Minister's instructions pursuant to section 24D or by the procedures laid down in the accounting manual pursuant to section 24E; ". 3. Repeal of s. 5 and new ss. 4A and 5. Composition of Corporation. The principal Act is amended by repealing section 5 and substituting the following sections:- " 4A. Composition of Corporation until 30 June, 1983. Until and including 30 June 1983 the Corporation shall consist of a number of persons not less than 5 nor more than 7 appointed by the Governor in Council, of whom- (a) one shall be a person appointed as chairman; (b) one shall be a person appointed as executive director; (c) not less than 3 nor more than 5 shall be persons nominated by the Minister from a panel of names submitted by the chairman and executive director jointly.

Small Business Development Corporation Act Amendment Act 1983, No. 17 189 5. Composition of Corporation after 30 June 1983, (1) On and from 1 July 1983 the Corporation shall consist of a number of persons not less than 5 nor more than 7 appointed by the Governor in Council by Order in Council on the recommendation of the Minister. (2) The Minister shall only recommend persons who, in his opinion, are representative of, experienced in and with an understanding of small business throughout the State to be members of the Corporation pursuant to subsection 1.". 4. Repeal of and new s. 6. Request by Minister for panel of names of eligible persons. The Principal Act is amended by repealing section 6 and substituting the following section:- " 6. Chairman . The Governor in Council shall by Order in Council nominate as chairman one of the persons appointed as members of the Corporation pursuant to section 5 and the person so nominated shall be chairman of the Corporation.". 5. Repeal of and new s. 7. Failure to submit panel of names. The Principal Act is amended by repealing section 7 and substituting the following section:- " 7. Appointment of deputy chairman . (1) The members who constitute the Corporation on the 1 July 1983 or who constitute the Corporation at any time thereafter may elect one of their members to be deputy chairman of the Corporation. (2) The deputy chairman shall act in the office of chairman during such time as the chairman is prevented by absence, illness or otherwise from performing the duties of that office and during such time as a vacancy exists in that office and while he so acts shall have and may exercise the powers and shall perform the functions and duties conferred or imposed upon the chairman by or under this Act.". 6. Repeal of and new s. 12. Functions of Corporation . The Principal Act is amended by repealing section 12 and substituting the following section :- " 12. Functions of Corporation . The functions of the Corporation are- (a) to provide an advisory and counselling service for or in connexion with the establishment, carrying on, expansion and development of small business within the State; (b) to examine and report to the Minister the effects upon small business of the policies of Government, of Acts of Parliament (whether of the States or the Commonwealth), rules, regulations, by-laws or other subordinate legislation made thereunder;

190 Small Business Development Corporation Act Amendment Act 1983, No. 17 (c) at the request of the Minister, to examine and research any business conduct within the State that affects or is likely (in the Minister's opinion) to affect the interests of the small business community or any sector thereof and to report thereon to the Minister; (d) to stimulate awareness of sound business practices in the State including training and educational programmes for members of the small business community; (e) to recommend to the Minister ways and means by which incentives and financial assistance (including advances and guarantees) may be provided for or with respect to small business; (f) to provide such other help and assistance including research of any business conduct affecting small business as the Corporation, with the approval of the Minister, deems fit in furthering the interests of the small business community in the State.". 7. Amendment of s. 13. Powers, functions and duties of chairman. Section 13 of the Principal Act is amended by in subsection (2) omitting provision (c) and substituting the following provision:- (c) to work in close co-operation with other members of the Corporation in all matters relating to the policy of the Corporation.". 8. Amendment of s. 16. Procedure at meetings . Section 16 of the Principal Act is amended by omitting subsection (2) and substituting the following subsection:- " (2) A quorum at a meeting of the Corporation shall consist of four members of the Corporation for the time being holding office as such members one of whom is the chairman or in his absence the deputy chairman. Business shall not be conducted at a meeting of the Corporation unless a quorum is present.". 9. Repeal of and new s. 19. Custody and affixing of seal. The Principal Act is amended by repealing section 19 and substituting the following section:- " 19. Custody and affixing of seal . The common seal of the Corporation shall be kept in the custody of the chairman or, where there is a temporary vacancy in that position, of the deputy chairman. The common seal shall be affixed to a document only in pursuance of a resolution of the Corporation and by the person having the custody of the seal in accordance with this Act.".

Small Business Development Corporation Act Amendment Act 1983, No. 17 191 10. Amendment of s. 20 . Authentication of documents . Section 20 of the Principal Act is amended by omitting all words after the word " chairman " and substituting the words " and one other member of the Corporation holding office as such member.". 11. Repeal of and new s. 22. Employees of Corporation. The Principal Act is amended by repealing section 22 and substituting the following section:- " 22. Manager and employees of Corporation . (1) As soon as practicable after the 30 June 1983 and at any time thereafter when a vacancy arises in that position, the Corporation shall appoint a manager who shall hold office during the pleasure of the Corporation and shall be charged with administering the day to day operations of the Corporation. (2) The Corporation may appoint and employ any number of persons, not greater than the number approved from time to time by the Minister, to enable it to discharge its functions. (3) Subject to any applicable award of an industrial court, tribunal or authority or any industrial agreement persons employed by the Corporation shall be paid salaries, wages and allowances at such rate or rates and shall be employed under such conditions of employment (including conditions as to leave entitlements) as the Corporation, after consultation with the Public Service Board determines. (4) The Public Service Act 1922-1978 shall not apply to the employment of a person pursuant to subsections (1) and (2) and any person so employed shall not be subject to that Act.". 12. Amendment of s. 23 . Remuneration to members . Section 23 of the Principal Act is amended by omitting the second paragraph. 13. Repeal of and new s. 24. Accounts . The Principal Act is amended by repealing section 24 and substituting the following section:- " 24. Financial administration of Corporation . (1) The Corporation shall- (a) ensure that the operations of the Corporation are carried out efficiently, effectively and economically; (b) cause funds and accounts to be established and faithfully and properly kept in compliance in all aspects with the prescribed requirements; (c) subject to the prescribed requirements, keep all moneys, the property of or under the control of the Corporation, at a bank; (d) ensure that- (i) procedures within the Corporation are such as will at all times afford proper control over expenditure;

192 Small Business Development Corporation Act Amendment Act 1983, No. 17 (ii) liability for expenditure is incurred for lawful purposes and expenditure is made in compliance with the prescribed requirements; (iii) as far as is possible, having regard to the limits of its powers and control, reasonable value is obtained for moneys expended; (iv) procedures and internal control of the Corporation afford at all times adequate safeguards with respect to- (A) the correctness, regularity and propriety of payments made ; (B) the assessment, levy and collection of revenue and other amounts receivable; the receiving, safekeeping, banking of and accounting for moneys due to or under the control of the Corporation; and the purchase, receipt, issue, sale, custody, control, management and disposal of and accounting for property of or under the control of the Corporation; (C) the prevention of fraud or mistake; (e) where services are rendered or goods supplied to any person by the Corporation, ascertain by regular examination whether fees and charges are being properly assessed and levied and whether such fees and charges are adequate having regard to the cost of such goods and services and other relevant matters; (f) take such action as will ensure the preparation, certification and rendering in accordance with the prescribed requirements of the Annual Statements of Account of the Corporation as are required by the prescribed requirements to be prepared, certified and rendered ; (g) perform all such other functions and duties with respect to financial administration as are prescribed by the prescribed requirements. (2) In a case where the Corporation is charged by a provision of the prescribed requirements with a duty, that provision shall be construed to provide and to have always provided that- (a) a member or employee of the Corporation; or (b) the holder of an office for the time being, authorized in relation to that duty by the Corporation is charged by the provision with that duty.". 14. New ss. 24A, 24B, 24C, 24D and 24E. The Principal Act is amended by inserting after section 24 the following sections:- " 24A. Annual Statements of Account . ( 1) As soon as practicable after the close of each financial year the Corporation shall balance its accounts and prepare Annual Statements of Account in the

Small Business Development Corporation Act Amendment Act 1983, No. 17 193 form set forth in the prescribed requirements or as may be approved by the Minister concerned on the recommendation of the Auditor- General. (2) The chairman or deputy chairman and the manager or principal accounting officer of the Corporation shall certify as to whether or not in their opinion the Annual Statements of Account fairly set out the financial transactions of the Corporation for the period to which they relate and, where applicable, show a true and fair view of the state of affairs at the close of that period on a basis consistent with that applied in the financial year last preceding and transmit them to the Auditor-General. (3) Until the Annual Statements of Account have been audited and duly certified pursuant to section 25 no such statements shall be sold or made available to any person other than the Auditor-General or a person acting in aid of him, the Minister concerned or a person acting in aid of him, or a member or officer of the Corporation. 24B. Audit certification and report . (1) On completion of the audit of the Annual Statements of Account compiled in accordance with the prescribed requirements the Auditor-General shall certify thereon whether or not he has obtained all the information and explanations required by him and whether or not the statements- (a) are in the form set forth or indicated in the prescribed requirements or approved of by the Minister on the recommendation of the Auditor-General; (b) are in agreement with the accounts; and (c) have, in his opinion, been properly drawn up so as to present a true and fair view of the transactions for the financial year in question and, where applicable, the financial position at the end of that year on a basis consistent with that applied in respect of the financial year last preceding, and, after such certification, shall deliver such statements to the Corporation. (2) The report of the Auditor-General together with the Annual Statements of Account bearing the certificate of the Auditor-General pursuant to this section shall be submitted to the Corporation at the first ordinary meeting held after the report becomes available to the chairman or deputy chairman. 24C. Control of money and property . (1) Whenever it appears to or comes to the knowledge of the Corporation that, arising from a cause which would constitute an offence under The Criminal Code or any other law, there is- (a) a loss of or deficiency in any moneys of or under the control of the Corporation; or

194 Small Business Development Corporation Act Amendment Act 1983, No. 17 (b) a loss of, destruction of or damage to property of or under the control of the Corporation, the Corporation shall forthwith give notice thereof to the Auditor- General and to a member of the Police Force of Queensland of the rank of sergeant of police or of higher rank. (2) The Corporation shall not- (a) abstain from, discontinue or delay a prosecution for an offence under the laws of the State in relation to any money or property of or received by the Corporation which is or appears to be stolen or wilfully destroyed or damaged; (b) withhold or promise to withhold or delay any evidence for the purposes of such prosecution. 24D. Minister ' s instructions . (1) The Minister shall from time to time prepare and issue instructions to the Corporation with respect to the principles, practices and procedures to be observed in the establishment and keeping of accounts and may at any time amend, alter or vary instructions so issued. Before preparing and issuing or amending, altering or varying his instructions, the Minister shall consult the Auditor-General and shall have regard to all recommendations made by the Auditor-General following that consultation. (2) The Corporation shall, subject to this Act, comply with the Minister's instructions. 24E. Accounting manual of the Corporation . (1) The Corporation shall prepare and issue and amend, alter, or vary from time to time as occasion demands, an accounting manual that shall set forth in detail particulars of the financial systems of the Corporation and the forms, practices and procedures to be used and followed by officers and employees of the Corporation in the financial administration of the Corporation. (2) The accounting manual and every amendment, alteration or variation thereof shall comply with this Act and any other law with respect to financial administration and with the Minister's instructions pursuant to section 24D. (3) The Corporation shall consult the Auditor-General before preparing and issuing or amending, altering or varying the accounting manual and shall have regard to all recommendations made by the Auditor-General in relation to that consultation.". 15. Repeal of and new s. 25. Audit . The Principal Act is amended by repealing section 25 and substituting the following section:- " 25. Audit of Accounts . The accounts of the Corporation shall be audited by the Auditor-General or an authorized officer within the meaning of the Financial Administration and Audit Act1977-1981 directed by the Auditor-General, each of whom shall have with respect to such audit and accounts all the powers and authorities conferred on him by that Act.".

Small Business Development Corporation Act Amendment Act 1983, No. 17 195 16. Repeal of and new s. 26. Annual report . The Principal Act is amended by repealing section 26 and substituting the following section :- " 26. Annual report . (1) The Corporation shall, as soon as practicable after the expiration of each financial year, prepare and furnish to the appropriate Minister a report on the operations of the Corporation during that financial year and shall include therein copies of the Annual Statements of Account prepared pursuant to section 24A, certified by the Auditor-General in the manner prescribed by section 24B. (2) The Minister shall lay the report before the Legislative Assembly within 14 sitting days from the day on which he receives the report.". 17. Amendment of s. 27. Budget of Corporation . Section 27 of the Principal Act is amended by omitting subsection (1) and substituting the following subsection:- " (1) As soon as practicable after the passing of this Act, the Corporation shall adopt and present to the Minister a budget showing its estimates of its receipts and disbursements in respect of the balance of the year ended on the 30 June in which the budget is presented and thereafter the Corporation shall before each succeeding 1 July present to the Minister a budget showing its estimates of its receipts and disbursements in respect of each month of that particular year.". 18. Repeal of and new s. 31. Guarantee by Treasurer. The Principal Act is amended by repealing section 31 and substituting the following section " 31. Exercise of rights etc., by Minister . Rights, powers, functions, duties and entitlements of the Minister under sections 31B to 31G both inclusive shall be exercised and performed for the purposes of this Act by the Minister constituting the corporation sole by the name of " The Minister for Industrial Development of Queensland " constituted under the IndustrialDevelopmentAct1963-1981.". 19. New ss. 31A to 31G. The Principal Act is amended by inserting after section 31 the following sections:- " 31A. Financial assistance to small business . (1) For the purpose of promoting, fostering and assisting the small business community in Queensland, the Corporation may make recommendations that financial assistance be provided in accordance with the provisions of this Act for any person engaged in small business by- (a) making an advance by way of loan to that person; or (b) guaranteeing the repayment of an advance by way of loan or of any part of such an advance made to that

196 Small Business Development Corporation Act Amendment Act 1983, No. 17 person by some other person and the payment of interest in respect of that advance or the part of that advance in respect of which repayment is guaranteed. (2) An advance or guarantee under this Act shall not be made or given without the prior approval of the Governor in Council. 31B. Application for advance or guarantee . (1) A person who owns and operates or proposes to own and operate a small business may make applicaticn to the Corporation for financial assistance in respect of that business. (2) The application shall be in writing and shall- (a) state whether the financial assistance is applied for by way of an advance or a guarantee; (b) be accompanied by copies of the balance sheet and trading account and profit and loss account of the business to which it relates for the last 3 years or, if the business has been carried on for a period of less than 3 years, for the period during which it has carried on business; and (c) contain or be accompanied by all such further information and particulars as may be prescribed or, in so far as not prescribed, as may be required by the Corporation. (3) The Corporation shall make a report on the application to the Minister. (4) A person shall not in connexion with an application for an advance or a guarantee under this section, furnish to the Corporation or the Minister false or misleading information. Penalty : $2 000. 31C. Investigation of application . (1) The Minister shall refer the report of the Corporation in relation to an application pursuant to section 31B to the Industries Assistance Board for investigation, report and recommendation in accordance with the provisions of this Act. (2) The Industries Assistance Board shall inquire into any application referred to it pursuant to subsection (1) and shall make to the Minister a report concerning its inquiry and in or accompanying that report shall make a recommendation in respect of the application concerned. (3) The Minister may refer any application back to the Industries Assistance Board for further inquiry. In the event of such reference, the Industries Assistance Board shall make further inquiry as specified by the Minister and may make such other inquiry as it deems fit.

Small Business Development Corporation Act Amendment Act 1983, No. 17 197 The Industries Assistance Board shall report to the Minister concerning the further inquiry and in or accompanying that further report shall make a further recommendation confirming or in substitution for its original recommendation. 31D. Decision of Minister on application for financial assistance. (1) The Minister shall not approve of an application for financial assistance under this Act until he has referred the application to the Industries Assistance Board and that Board, after making inquiry as prescribed, has reported to him and made a recommendation concerning the application. If the Minister has referred the application back to the Industries Assistance Board for further inquiry, he shall not approve of the application until the Board has, after making further inquiry, made a further report and further recommendation concerning the application. (2) The Minister shall give consideration to the report and recommendation of the Industries Assistance Board concerning any application which he has referred to that Board for inquiry and, in the case of any application which he has referred back to that Board for further inquiry, to the further report and further recommendation of that Board concerning the application but he shall not be bound by the report and recommendation or, in the case of a reference back to it, further report and further recommendation of the Board. (3) Subject to subsections (1) and (2) of this section the Minister shall decide whether or not, having regard to the objects of this Act- (a) the Corporation should provide an advance or advances for an applicant; or (b) the Minister should provide a guarantee of the repayment of an advance by way of loan or of any part of such an advance made to a person by some other person for the benefit of a small business. The Minister may decide that the amount of that assistance may be less than the amount for which the applicant has applied. (4) The advance or guarantee may be subject to conditions in relation to the payment of interest by the applicant to the lender and to the payment of interest in respect of interest the payment of which is overdue. (5) If the Minister decides that an applicant should receive financial assistance under this Act he shall submit the application to the Governor in Council. The Governor in Council may refuse to approve the application or he may approve it according to the decision of the Minister or with such modifications of that decision as he thinks fit. Approval by the Governor in Council of an application for financial assistance under this Act shall be by Order in Council.

198 Small Business Development Corporation Act Amendment Act 1983, No. 17 (6) The Governor in Council shall in the Order in Council approving financial assistance under this Act by way of advance specify the amount that may be advanced , the period of the loan, the rate of interest thereon , the terms and conditions of redemptions of the loan, the security to be taken therefor, and may specify such other matters and things as the Governor in Council deems fit. (7) The Governor in Council shall in the Order in Council approving financial assistance under this Act by way of a guarantee specify the amount repayment of which may be guaranteed, the period of and such matters and things concerning the loan in respect of which the guarantee is approved including the whole amount thereof and security for the repayment thereof as the Governor in Council deems fit. Such specifications may include- (a) the terms, provisions and conditions of the advance by way of loan in respect of which the guarantee is to be given or, where the guarantee is to be given in respect of part only of such an advance, the terms, provisions and conditions of that part of the advance, including but without limit to the power of the Minister to so specify with respect to the repayment of the advance or, as the case may be, part of the advance and the payment of interest in respect thereof; and (b) the security to be given (in respect of the amount guaranteed) by the applicant or other person providing the security to the person making the advance. (8) The Governor in Council may from time to time by Order in Council vary any specification made by him in an Order in Council made pursuant to this section including any specification as previously varied pursuant to this subsection. If an Order in Council that varies any specification- (a) is expressed to have taken effect on a specified date; or (b) while not expressed to have taken effect on a specified date, purports to have taken effect on a particular date or at a particular time, the order shall be deemed to have taken effect on or at that date or time notwithstanding that it is a date or time prior to the date of publication of the order in the Gazette. 31E. Powers as to advances . (1) Where the Governor in Council by Order in Council has approved the Corporation financially assisting any applicant by way of an advance under this Act, the Corporation may, subject to this Act, make to such applicant an advance by way of loan of an amount not exceeding the sum approved by the Governor in Council. The Corporation shall make the advance in accordance with the specifications of the Order in Council and shall take therefor the security specified in the Order in Council.

Small Business Development Corporation Act Amendment Act 1983, No. 17 199 (2) The fact that with respect to making the advance or taking security therefor the Corporation did not comply in all respects with such specifications shall not prejudice or affect in any way the authority of the Corporation to make under this Act the advance in question or limit the effect as a valid mortgage or security of any mortgage or security taken by the Corporation for the advance in question. (3) Any corporation and any owner of land may, notwithstanding any enactment or other law to the contrary, lawfully execute any mortgage or other security required by the Corporation. (4) In all cases where a special form of mortgage or other security is prescribed by any Act, the fact that a mortgage or other security for an advance under this Act is not in such form shall not in any way prevent or hinder its registration (where necessary) or limit its effect as a valid mortgage or security. (5) Where the Governor in Council has varied the specifications in an Order in Council under the authority of which an advance has been made or has varied such specifications as previously varied- (a) the Corporation shall give effect to the variation made; and (b) whether or not the Corporation has done all things necessary to comply with provision (a), on and from the date when the variation takes or is deemed to have taken effect the advance shall be deemed to be subject to the terms and conditions to which it is then subject as varied by the variation made to the specifications. (6) Moneys payable by the Corporation in respect of an advance under this section shall be paid out of moneys to be appropriated from time to time by Parliament for that purpose. 31F. Powers as to guarantee . (1) Where the Governor in Council by Order in Council has approved the Minister financially assisting any person by way of a guarantee under this Act, the Minister may authorize the applicant in question to obtain from a person named by the Minister (in this section called " the lender ") an advance by way of loan of an amount not exceeding- (a) where the approval is of a guarantee of the repayment of part only of an advance by way of loan, the amount specified in the Order in Council as the whole amount of the advance; or (b) in any other case, the amount repayment of which the Minister may guarantee. Subject to this Act the Minister may guarantee on behalf of the Crown the repayment of the amount approved by the Governor in Council or the amount to be guaranteed by the Minister and the payment of the interest in respect thereof.

200 Small Business Development Corporation Act Amendment Act 1983, No. 17 The Minister shall give the guarantee in accordance with the specifications of the Order in Council. (2) The fact that with respect to giving a guarantee under this Act the Minister has not complied in all respects with the specifications set out in the Order in Council shall not prejudice or affect in any way the authority of the Minister to give under this Act the guarantee in question. (3) The guarantee shall be voidable at the option of the Minister if the lender fails in any respect to comply with the terms, provisions and conditions binding upon him with respect to the loan or fails to take security as specified by the Minister or, without the prior consent in writing of the Minister, releases in whole or in part any mortgage or security which the Minister has specified or, without the prior consent in writing of the Minister, waives any right or remedy had by him in respect of the advance under any security therefor taken by him or otherwise howsoever. Where the guarantee is given by the Minister in respect of part only of an advance by way of loan the expression " loan " and the expression " advance ", used in this subsection, shall be construed as a reference to that part of the loan or, as the case may be, advance in respect of which the guarantee is given. (4) Notwithstanding the provisions of any other Act, a person making an advance by way of loan to an applicant authorized by the Minister to obtain the advance from him shall be deemed to be legally authorized and empowered to make the loan which shall be deemed for all purposes to be an authorized investment of the funds of such person. (5) Where the Governor in Council has varied the specifications in an Order in Council under the authority of which a guarantee has been given or has varied such specifications as previously varied- (a) the Minister shall give effect to the variation made; and (b) whether or not the Minister has done all things necessary to comply with provision (a), on and from the date when the variation takes or is deemed to have taken effect the guarantee shall be deemed to be subject to the terms and conditions to which it is then subject as varied by the variation made to the specifications. (6) The lender shall, if required by the Minister, obtain, take and hold or retain and hold securities of such nature as the Minister requires for the payment of the debt or the performance of the other obligations guaranteed. (7) In the event of a default by way of repayment of principal or principal and interest under the terms of the advance or advances for which the guarantee is given and for no other reason, the lender may call on the Minister to meet the moneys due and payable under the guarantee.

Small Business Development Corporation Act Amendment Act 1983, No. 17 201 (8) The lender shall not, without the prior consent in writing of the Minister, assign or encumber the benefit of the guarantee. 31G. Recovery of moneys paid under guarantee . Without in any way limiting the operation of any other provisions of this Act, in respect of moneys paid by the Minister under a guarantee given under this Act the Minister shall have the following rights, powers and entitlements:- (a) he may recover from the applicant the amount of the moneys paid by him with interest at such rates as may be prescribed, by action in a court of competent jurisdiction; (b) he shall be entitled to the benefit of any securities held by the lender as security for the advance by way of loan to which the guarantee relates so that where the Minister has paid to the lender the whole or part only of the moneys secured by the securities, the lender shall transfer and deliver the securities to the Minister, who may exercise all the powers conferred on the lender by the securities. The powers and remedies of the Minister under this section shall be exercisable singly or concurrently as in his discretion he thinks proper.". 20. Deferred amendments of Principal Act. The enactments of the Principal Act specified in the first column of the following Table shall be amended or repealed as specified in the second column of the Table on 1 July, 1983:- TABLE section 2 Interpretation section 14 Powers, functions and duties of executive director section 16 Procedure at meetings (a) omit from the definition " chairman " all words after " Corporation "; (b) omit the definition " executive director ". Repeal. OmIt iet xfreocmutisvuebdsiercetcitoonr " (1w) htheerewtworidces appearing and substitute the words " deputy chairman ".