Western Australian Numbered Acts Western Australian Numbered Acts (1) The Treasurer may,
in the name and on behalf of the Crown in right of the State, guarantee, in
the form and subject to the terms and conditions that the Treasurer
determines, the payment of any moneys payable by the Authority in respect of
moneys borrowed by it under section 58.
(2) The due payment of
moneys payable by the Treasurer under a guarantee given under
subsection (1) —
(a) is
guaranteed by the State; and
(b) must
be made by the Treasurer and charged to the Consolidated Fund and this
subsection appropriates that Fund accordingly.
(3) By virtue of this
subsection the Account and the assets of the Authority are charged with the
due repayment of any payment made by the Treasurer under a guarantee given
under subsection (1) and with the performance and observance by the
Authority of any covenants and conditions that the Treasurer imposes as a term
of that guarantee.
(4) The Treasurer must
cause any amounts received or recovered from the Authority or otherwise in
respect of any payment made by the Treasurer under a guarantee given under
subsection (1) to be credited to the Consolidated Fund.
(5) Before a guarantee
is given by the Treasurer under subsection (1), the Authority must give
to the Treasurer the security that the Treasurer requires and must execute all
instruments that are necessary for the purpose.
(6) If a guarantee is
given by the Treasurer under subsection (1), the Treasurer must cause the
text of the guarantee to be published in the Gazette within 28 days and
laid before each House within 14 sitting days of being published.