Government Guarantees Act 1934 (NSW)

Government Guarantees Act 1934 No 57

An Act to validate certain guarantees given to certain banks by the Treasurer or pursuant to minutes of the Governor and Executive Council; to authorise the Treasurer to execute guarantees in certain cases; to make certain contingent appropriations out of the Consolidated Revenue Fund; to amend the Usury, Bills of Lading, and Written Memoranda Act 1902; and for purposes connected therewith.

1 Name of Act This Act may be cited as the Government Guarantees Act 1934.

2 Validation (1) The action of the Governor and Executive Council or the Treasurer in authorising the giving of the guarantees set out in the Schedule is hereby validated and any such authorisation shall be deemed a guarantee by the Government notwithstanding that no formal instrument of guarantee has been executed. (2) No guarantee so authorised shall be held to be void merely on the ground that the person by whom such guarantee was so authorised or given had no power to create a liability enforceable against the Government and to be discharged out of the Consolidated Revenue Fund.

3 Authority for Treasurer to guarantee overdraft accounts etc (1) It shall be lawful for the Treasurer, upon the recommendation of the Minister for Health, with the approval of the Governor, to execute a guarantee in favour of any bank, building society or credit union in respect of the overdraft account with the bank, building society or credit union or of any indebtedness to the bank, building society or credit union of any statutory health corporation or affiliated health organisation within the meaning of the Health Services Act 1997. (2) It shall be lawful for the Treasurer with the approval of the Governor to execute a guarantee in favour of any bank, building society or credit union, or of any other body of persons, corporate or unincorporate, approved by the Minister (in this Act referred to as approved body) for the repayment of any advance made or to be made by the bank, building society, credit union or approved body, as the case may be: (a) to any marketing board within the meaning of the Marketing of Primary Products Act 1927, or (a1) (Repealed) (b) to any society (other than a co-operative housing society) within the meaning of the Co-operation Act 1923, or (c) to any society within the meaning of the Permanent Building Societies Act 1967: Provided further that where any such guarantee is for the repayment of any advance to a community settlement society within the meaning of the Co-operation Act 1923, it shall not be executed except upon the recommendation of the Co-operative Farms Purchase Promotion Committee constituted under that Act. (2A) (Repealed) (3) It shall be lawful for the Treasurer, upon the recommendation of the Farmers' Relief Board and with the approval of the Governor, to execute a guarantee in favour of any bank in respect of the account with the bank of a supervisor within the meaning of the Farmers' Relief Act 1932. (4) It shall be lawful for the Treasurer, with the approval of the Governor, but subject to this Act, to renew any guarantee validated by this Act or by the Housing (Further Provisions) Act 1937 for such further period or periods as the Treasurer may think fit, and either upon the same terms and conditions or upon such other terms and conditions and for the same amount or such other amount as may be agreed upon by the Treasurer, the bank and the debtor. (5) Nothing in this section shall require the renewal of a continuing guarantee validated by this Act or by the Housing (Further Provisions) Act 1937 or prejudice its operation as a continuing guarantee. (5A) (a) It shall be lawful for the Treasurer with the approval of the Governor to execute a guarantee in favour of any bank in respect of the overdraft account with the bank of any person or body of persons corporate or unincorporate with whom the Treasurer has entered into an agreement pursuant to section 13A of the Cinematograph Films (Australian Quota) Act 1935. (b) The Treasurer shall not execute a guarantee under this subsection after the thirty-first day of December, one thousand nine hundred and thirty-nine. (5B) It shall be lawful for the Treasurer with the approval of the Governor to execute a guarantee in favour of any bank in respect of the overdraft account with the bank of The Metropolitan Meat Industry Commissioner. (5C) (a) It shall be lawful for the Treasurer, upon the recommendation of the Minister for Agriculture and with the approval of the Governor, to execute a guarantee in favour of any bank, building society or credit union, or of any other body of persons, corporate or unincorporate, approved by the Treasurer (in this Act referred to as approved body) for repayment of any advance to a society or company, being the owner or engaged in the operation of a factory for the processing of milk or other dairy products, or any such society and company acting together, for the purpose of providing facilities for bulk handling and transportation of milk. (b) In this subsection: society means a society within the meaning of the Co-operation Act 1923. company means a company within the meaning of the Corporations Act 2001 of the Commonwealth. (c) The provisions of this subsection in relation to a society shall be additional to and not in derogation of the provisions of paragraph (b) of subsection (2). (5D) It shall be lawful for the Treasurer with the approval of the Governor to execute a guarantee in favour of any bank, building society or credit union, or other body of persons, corporate or unincorporate, approved by the Treasurer (in this Act referred to as approved body) for the repayment of any advance to the Trustees of The Labor Council of New South Wales, a trade union registered under the Trade Union Act 1881, as subsequently amended, for purposes connected with a new Trades Hall or other like purposes. (5E) It shall be lawful for the Treasurer with the approval of the Governor to execute a guarantee in favour of any bank, building society or credit union in respect of the overdraft account with the bank, building society or credit union of the Hunter Valley Conservation Trust. (5F) It shall be lawful for the Treasurer, with the approval of the Governor, to execute a guarantee in favour of any bank, building society or credit union in respect of the overdraft account with the bank, building society or credit union of the New South Wales Meat Industry Authority. (5G) It shall be lawful for the Treasurer, upon the recommendation of the Minister for Sport and Recreation, and with the approval of the Governor, to execute a guarantee in favour of a bank, building society or credit union or other body of persons, corporate or unincorporate, approved by the Treasurer (in this Act referred to as the approved body) for the repayment of any money borrowed pursuant to section 24 of the Sydney Cricket and Sports Ground Act 1978. (5H) It shall be lawful for the Treasurer, upon the recommendation of the Minister for Health and with the approval of the Governor, to execute a guarantee in favour of any bank, building society or credit union, or other body of persons, corporate or unincorporate, approved by the Treasurer (in this Act referred to as approved body) for the repayment of any advance to the Australasian Conference Association Limited, a company within the meaning of the Companies Act 1961, for the purpose of providing extensions to the body formerly known as the Sydney Sanitarium and Hospital, Wahroonga, and now known as the Sydney Adventist Hospital, Wahroonga, and for other purposes connected therewith. (5I) It shall be lawful for the Treasurer, on the recommendation of the Minister for Health and with the approval of the Governor, to execute a guarantee in favour of the Bank of New South Wales for the repayment of any advance to the Trustees of the Sisters of Charity of Australia, a body corporate constituted under the Roman Catholic Church Communities' Lands Act 1942, for the purpose of rebuilding St. Vincent's Private Hospital, Darlinghurst, and for other purposes connected therewith. (5J) It shall be lawful for the Treasurer, upon the recommendation of the Minister for the Arts and with the approval of the Governor, to execute a guarantee in favour of any bank or other body of persons, corporate or unincorporate, approved by the Treasurer (in this Act referred to as approved body) for the repayment of any advance to the Nimrod Theatre Company Limited. (5K) (Repealed) (6) Any guarantee executed by the Treasurer under this Act may be made by way of increase of the amount of the Treasurer's liability as stated in a previous guarantee given under this Act, and may be made upon such terms and conditions as are prescribed or as the Treasurer may determine. The enactment of this subsection shall not affect subsections (1), (2) and (3). (7) The approval of the Governor to the execution of any guarantee under this section shall be conclusive evidence that the guarantee has not been entered into in contravention of this section.