Small Businesses' Loans Guarantee (Amendment) Act 1980 (NSW)

SMALL BUSINESSES’ LOANS GUARANTEE

(AMENDMENT) ACT, 1980, No. 113

ANNO VICESIMO NONO

ELIZABETH^; II REGINA

Act No. 113, 1980.

An Act to amend the Small Businesses’ Loans Guarantee Act, 1977, to extend the circumstances in which a guarantee may be executed under that Act. [Assented to, 22nd October, 1980.]

Act No. 113, 1980.

Small Businesses' Loans Guarantee {Amendment).

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 :—

Short title. L This Act may be cited as the “Small Businesses’ Loans

Guarantee (Amendment) Act, 1980”.

Amendment 2. The Small Businesses’ Loans Guarantee Act, 1977, is

amended—

Sec. 2. (a) by omitting section 2 and by inserting instead the following section :—^

Interpre­ 2. In this Act, “small business” means any business

tation. enterprise—

(a) which is carried on for the purpose of manufacturing or processing goods or for any other prescribed purpose; and

(b) which, in the opinion of the Minister—

(i) is a small business enterprise;

(ii)   does not form part of a large business enterprise; and

(iii)   is managed personally by at least one of the persons entitled to a share of any profits of the business enterprise.

Sec. 3. (b) by omitting section 3 (1) and (2) and by inserting (1) The Minister may execute a guarantee, either alone or jointly with some other person, in favour of a bank or another person or a body of persons, whether corporate or unincorporate, for the repayment of the whole or any part of money expended or to be expended in the conduct of a small business.

(Guaran­	instead the following subsections : —
tees.)

Act No. 113, 1980.

Small Businesses’ Loans Guarantee {Amendment).

(2) The Minister shall not execute a guarantee under subsection (1) if the amount of the guarantee, together with the amounts of all other guarantees executed under subsection (1) (excluding guarantees no longer in force) exceed such amount as may, from time to time, be fixed by the Treasurer.

3.      Nothing in section 2 affects any guarantee executed o r Existing

regulation made under the Small Businesses’ Loans Guarantee grantees Act, 1977, before the commencement of this Act. regulations

not

affected.