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©State of Queensland
QUEENSLAND
SPORTING BODIES' LOANS GUARANTEE ACT 1973, No. 37
[Reprinted as at 1 August, 1985]
An Act to authorize the Treasurer on behalf of the Government to guarantee the repayment of moneys borrowed by sporting bodies in certain cases, and for purposes connected therewith
[ASSENTED TO 26 APRIL, 1973]
BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:-
1. Short title. This Act may be cited as the Sporting Bodies' Loans Guarantee Act 1973.
2. Meaning of terms. (1)* In this Act, unless the contrary intention appears-
"Minister" means the Minister for Tourism, Sport and Welfare Services or other Minister of the Crown. charged, at the material time, with the administration of this Act: the term includes any Minister of the Crown who is temporarily performing the duties of the Minister;
"sporting body" means any body or association of persons, whether incorporated or unincorporated, formed for or having as its object the furtherance, or the control, development or promotion, of any form of recreational activity engaged in competitively: the term does not include a racing club or a coursing club within the meaning of the Racing and Betting Act 1954-1972.
3. Guarantee of loans. For the purpose of assisting in promoting, fostering and stimulating the development and progress of sport in the State, the Treasurer, on behalf of the Government of the State and with approval of the Governor in Council, may guarantee, subject to and in accordance with this Act, the repayment ofan advance by way of loan made or to be made to a sporting body by any person, bank or other institution or body and the payment of interest in respect of such advance.
4. Application for guarantee. ( 1) A sporting body may make application to the Minister for the giving of a guarantee by the Treasurer pursuant to this Act, guaranteeing the repayment of an advance by way
*sic
2 s. 5 SPORTING BODIES' LOANS GUARANTEE ACT 1973 s. 7
of loan made or to be made to it by a person, bank or other institution or body and the payment of interest in respect of such advance.
(2) The application shall be in writing and shall set out fully details of the reason for the obtaining of the advance by way of loan, the amount to be borrowed and interest payable thereon, the proportion of the advance to be the subject of the guarantee, the capacity of the sporting body to repay the advance and pay interest thereon and the manner in which the advance is proposed to be repaid and interest thereon paid, and the security available for the purpose of obtaining the advance, and shall contain or be accompanied by such other information, particulars, documents and other writings as may be prescribed or, where or to the extent not prescribed, as required by the Minister.
5. Decision in respect of guarantee. (1) Where the Treasurer is of the opinion that the guarantee in respect of which the application has been made to the Minister should be given, he shall recommend to the Governor in Council that the guarantee be approved by the Governor in Council.
(2) The Governor in Council may approve the application or he may refuse to approve it.
(3) Approval by the Governor in Council of an application shall be by Order in Council.
(4) The Governor in Council shall in the Order in Council specify the amount of the loan or the proportion of it to be guaranteed and the period of and such other matters and things concerning such loan, including security for the payment thereof, as the Governor in Council thinks fit.
Without limiting the generality of the foregoing, matters specified shall include-
(a) the terms, provisions and conditions of the advance by way of loan in respect whereof the guarantee is to be given including repayment of such advance and payment of interest in respect thereof; and
(b) the security to be given by the applicant or other person providing security to the person making the advance.
6. Terms of guarantee. Any guarantee given under this Act is limited to such amount and to such period of time and is subject to such other terms, reservations and conditions as the Governor in Council prescribes.
7. Publication of Order in Council. Where the Governor in Council approves an application for the giving of a guarantee under this Act, then, upon the publication in the Gazette of the Order in Council referred to in section 5, the amount of the advance by way of loan when borrowed or part thereof, as the case may be, and the interest specified in respect thereof shall be taken for all purposes to be guaranteed by the Treasurer on behalf of the Government of the State, limited
s.8 SPORTING BODIES' LOANS GUARANTEE ACT 1973 s.lO 3
however to such amount and to such period of time and subject to such other terms, reservations and conditions as the Governor in Council prescribes.
8. Guarantee voidable in certain circumstances. The guarantee is voidable at the option of the Treasurer if the lender fails in any respect to comply with the terms, provisions and conditions binding upon him with respect to the loan or fails to take security as specified in the Order in Council or, without the prior consent in writing of the Treasurer, releases in whole or in part any mortgage or security specified in the Order in Council or, without the prior consent in writing of the Treasurer, waives any right or remedy had by him in respect of the loan under any security therefor taken by him or otherwise howsoever.
9. Restriction on giving guarantee in case of unincorporated body.
( 1) A guarantee shall not be given under this Act in respect of a sporting body that is an unincorporated body unless provision is contained in its constitution and rules empowering it to borrow money and authorizing its trustees to give to the lender of any such money a mortgage, charge or other security over its assets.
(2) A sporting body referred to in subsection ( 1) shall not alter its constitution or rules in relation to the matters specified in that subsection during the currency of any guarantee given under this Act in respect of that body without the consent in writing of the Treasurer first had and obtained, and any such alteration without such consent shall be of no force or effect.
10. Recovery of moneys paid under guarantee. In respect of all moneys paid by the Treasurer under any guarantee under this Act, the Treasurer has the following rights and powers:-
(a) he may recover from the sporting body the amount of all such moneys with interest at six dollars per centum per annum, or at such rate as may be prescribed in lieu thereof, by action in any court of competent jurisdiction;
(b) he shall, to the extent of any payment made by him, be entitled to the benefit of any securities held by the lender as security for the loan to which the guarantee relates so that-
(i) where the Treasurer has paid to the lender the whole of the moneys secured by such securities, the lender shall hand over such securities to the Treasurer, who may exercise all the powers of the lender in respect of such
securities; ·
(ii) where the Treasurer has paid only part of the moneys so secured, the lender shall, as and when directed by the Treasurer, realize such securities and, after satisfying his or its own claims out of the proceeds thereof, shall pay the balance (if any) to the Treasurer.
4 s.ll SPORTING BODIES' LOANS GUARANTEE ACT 1973 s. 12 The powers and remedies of the Treasurer under this section shall be exercisable singly or concurrently as in his discretion he thinks proper.
11. Appropriation. All moneys payable by the Treasurer pursuant to any guarantee under this Act shall be paid out of moneys to be from time to time appropriated by Parliament for the purpose.
12. Regulations. The Governor in Council may make regulations, not inconsistent with this Act, prescribing all matters that are required or . permitted by this Act to be prescribed or that are necessary or convenient to be prescribed for carrying out or giving effect to this Act .
.Sy Authority: S. R. HAMPSON, Government Printer, Queensland
68689 (rtou8)-
INDEX
TO THE
SPORTING BODIES' LOANS GUARANTEE ACT 1973
A
Act-
short title of
Appropriation of moneys payable by the Treasurer
G
Governor in Council-
approval by, to be by Order in Council . . . . may approve or refuse application for guarantee may make regulations . . . . . . . . . . . . . . . . to specify by Order in Council the amount of loan etc.
Guarantee of loans-
application for . . . . . . . . . . . . . . to be in writing and to give full details decision in respect of . . . . . . . . . . . restriction on, in case of unincorporated body . . . . . rights and powers of Treasurer re recovery of moneys paid
under ..
terms of ..
Treasurer may approve . . . . . V'lidable in certain circumstances
Loan- guarantee of
Meaning of terms- Minister ..
sporting body Minister-
L
M
meaning of term . . . . . . . . . . . . . . . . . . . . sporting body may make application for guarantee of loan to
0
Order in Council-
Governor in Council may make re approval for guarantee . publication of . . . . . . . .
to specify details of guarantee
p
Publication of Order in Council ..
s.
11
5 (3) . 5 (1), (2) . 12
5 (4).
4 (I) 4 (2) 5 9 10 6 3 8
2 2 2 4
5 (3) . 7 5 (4) ..
Page
4
2 2 4 2 1 2 2 3 3 2 I 3
2 2 2
2
6 INDEX
R
Regulations-
Governor in Council may make
Sporting body-
application for guarantee to ..
guarantee of loan to . . . .
s
meaning of term . . . . . . . . . . . . . . . . . . restriction on guarantee in case of unincorporated body
Treasurer-
appropriation of moneys payable by guarantee voidable by . . . . . .
T
may guarantee loan . . . . . . . . . . . . . . . . rights and powers of, re recovery of moneys paid under
guarantee . . . . . . . . . . . . . . . . . . . . . . to recommend to Governor in Council that approval be given ..
s. 12
4 3 2 9
II 8 3 10 5
By Authority: S. R. HAMPSON, Government Printer, Queensland 68689 (itou8)-4/86
Page
4
I I I 3
4 3 I 3 2
