Public Finance Act 1989

65ZD Minister may give guarantee or indemnity if in public interest

(1)

The Minister, on behalf of the Crown, may give, in writing, a guarantee or indemnity to a person, organisation, or government if it appears to the Minister to be necessary or expedient in the public interest to do so.

(2)

The Minister may—

(a)

give the guarantee or indemnity on any terms and conditions that the Minister thinks fit; and

(b)

in the case of a guarantee, give the guarantee in respect of the performance or non-performance of any duties or obligations by a person, organisation, or government.

(3)

If the contingent liability of the Crown under a guarantee or an indemnity given by the Minister under subsection (1) exceeds $10 million, the Minister must, as soon as practicable after giving the guarantee or indemnity, present a statement to the House of Representatives that the guarantee or indemnity has been given.

(4)

The statement may contain any details about the guarantee or indemnity that the Minister considers appropriate.

Section 65ZD: inserted, on 25 January 2005, by section 16 of the Public Finance Amendment Act 2004 (2004 No 113).

Section 65ZD(2)(b): amended, on 18 July 2013, by section 38(1) of the Public Finance Amendment Act 2013 (2013 No 50).

Section 65ZD(3): replaced, on 18 July 2013, by section 38(2) of the Public Finance Amendment Act 2013 (2013 No 50).