South Australian Consolidated Acts

DOG FENCE ACT 1946 - SECT 35AB

35AB—Borrowing and investment powers of local board

        (1)         A local board may, for the purposes of this Act, with the consent of the board—

            (a)         borrow money from the Treasurer; or

            (b)         borrow money, with the additional consent of the Treasurer, from any other person.

        (2)         Liabilities incurred by a local board under subsection (1) with the consent of the Treasurer are guaranteed by the Treasurer.

        (3)         A liability of the Treasurer under a guarantee arising by virtue of subsection (2) is to be satisfied out of the Consolidated Account which is appropriated by this section to the necessary extent.

        (4)         Any money of a local board that is not immediately required for the purposes of this Act may be invested in such manner as the Treasurer may approve.