Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) A party, MLA, candidate or associated entity (the receiver ) must not receive a loan of $1 000 or more from a person or entity (the giver ) that is not a financial institution, unless the receiver complies with this section.
(2) The receiver of the loan must immediately make a record of the following:
(a) the terms of the loan;
(b) if the giver is a registered industrial organisation—
(i) the name of the organisation; and
(ii) the names and addresses of the members of the executive committee (however described) of the organisation;
(c) if the giver is an unincorporated body—
(i) the name of the body; and
(ii) the names and addresses of the members of the executive committee (however described) of the body;
(d) if the loan was paid out of a trust fund or the funds of a foundation—
(i) the names and addresses of the trustees of the fund or foundation; and
(ii) the title or other description of the trust fund, or the name of the foundation;
(e) in any other case—the name and address of the giver.
(3) If the receiver receives a loan to which subsection (1) applies but does not comply with subsection (2), the relevant person must pay to the Territory an amount equal to the amount of the loan.
(4) The amount payable under subsection (3) is a debt payable to the Territory by the relevant person and may be recovered by proceedings in a court of competent jurisdiction.
(5) For this section, if credit is given on a credit card for card transactions, each transaction is taken to be a separate loan.
(6) In this section:
"credit card" includes a debit card.
"financial institution" means—
(a) a bank; or
(b) a credit union; or
(c) a building society; or
(d) an entity prescribed under the regulations.
"loan" means any of the following:
(a) an advance of money;
(b) a provision of credit or any other form of financial accommodation;
(c) a payment of an amount for, on account of, on behalf of or at the request of the receiver, if there is an express or implied obligation to repay the amount;
(d) a transaction (whatever its terms or form) that is, in substance, a loan of money.
"relevant person" means—
(a) for a loan for the benefit of a party—
(i) if the party is a corporation—the party; or
(ii) in any other case—the reporting agent of the party; or
(b) for a loan to or for the benefit of an MLA—the MLA; or
(c) for a loan to or for the benefit of a candidate—the candidate; or
(d) for a loan to or for the benefit of an associated entity—
(i) if the entity is a corporation—the entity; or
(ii) in any other case—the financial controller of the entity.