South Australian Consolidated Acts South Australian Consolidated Acts18—Treasurer may rearrange finances of semi-government authorities
(1) If the Treasurer,
after consultation with the Minister responsible for a
semi-government authority, thinks fit, the Treasurer may rearrange the
finances of the semi-government authority in either of the following ways:
(a)
where the semi-government authority has borrowed money from a source other
than the Treasurer or the Government of the State, the Treasurer may—
(i)
by determination published in the Gazette, transfer to
the Authority the liabilities of the semi-government authority in respect of
the loan; and
(ii)
determine that the money outstanding under the loan will
be regarded for all purposes as having been borrowed by the
semi-government authority from the Authority upon terms and conditions
specified in the determination; or
(b)
where the semi-government Authority has borrowed money from the Treasurer or
the Government of the State, the Treasurer may determine that all or a
specified part of the money outstanding under the loan will be regarded for
all purposes as having been borrowed by the semi-government authority from the
Authority upon terms and conditions specified in the determination.
(2) In
subsection (1)(b) a reference to money borrowed or received by a
semi-government authority from the Treasurer or the Government of the State
includes a reference to money that was provided to the State by the
Commonwealth for the semi-government authority or for the purposes of an
activity engaged in by the semi-government authority.
(3) The Treasurer may,
after consultation with the Minister responsible for the
semi-government authority, vary any terms and conditions applying in relation
to the semi-government authority by virtue of a determination under
subsection (1).
(4) Where a
determination is made under subsection (1)(b) in respect of money, the
money will be regarded as having been previously provided to the Authority by
the Treasurer.
(5) The Treasurer may
from time to time determine the terms and conditions upon which money is to be
regarded as having been provided to the Authority by virtue of
subsection (4).
(6) Where—
(a)
money has been appropriated by Parliament for the purpose of meeting the
liabilities of a semi-government authority in respect of a loan to the
semi-government authority; and
(b) the
liabilities of the semi-government authority are transferred to the Authority
pursuant to subsection (1),
any balance remaining of that money must, if the Treasurer so determines, be
paid to the Authority and applied by the Authority for the same purpose or
otherwise as the Treasurer may determine.
(7) A determination
made by the Treasurer under this section has effect according to its terms.
(8) In this
section—
(a) a
reference to money borrowed by a semi-government authority includes a
reference—
(i)
to money borrowed by the South Australian Meat
Corporation the liabilities in respect of which have been assumed by the
Minister of Agriculture pursuant to the
South Australian Meat Corporation Act 1936 ; and
(ii)
to money borrowed by the former Monarto Development
Commission the liabilities in respect of which have been vested in the
Minister of Lands pursuant to the Monarto Legislation Repeal Act 1980 ;
and
(iii)
to money borrowed by the former South Australian
Development Corporation the liabilities in respect of which have been vested
in the Crown pursuant to the Industries Development Act 1941 ; and
(b) a
reference to the liabilities of a semi-government authority in respect of a
loan includes a reference to liabilities referred to in paragraph (a).