Document ID: chunk:federal_register_of_legislation:C2004C01400:clause:1_306a:p1
Version: federal_register_of_legislation:C2004C01400
Segment Type: clause
Provision Reference: sch 1 cl 306A (pt 1/2)
Character Range: 4587–7034

306A  Certain loans not to be received

 (1) It is unlawful for a political party or a State branch of a political party or a person acting on behalf of a political party or a State branch of a political party to receive a loan of $1,500 or more from a person or entity other than a financial institution unless the loan is made in accordance with subsection (3).

 (2) It is unlawful for a candidate or a member of a group or a person acting on behalf of a candidate or group to receive a loan of $1,500 or more from a person or entity other than a financial institution unless the loan is made in accordance with subsection (3).

 (3) The receiver of the loan must keep a record of the following:
 (a) the terms and conditions of the loan;
 (b) if the loan was received from a registered industrial organisation other than a financial institution:
 (i) the name of the organisation; and
 (ii) the names and addresses of the members of the executive committee (however described) of the organisation;
 (c) if the loan was received from an unincorporated association:
 (i) the name of the organisation or association; and
 (ii) the names and addresses of the members of the executive committee (however described) of the association or organisation;
 (d) if the loan was paid out of a trust fund or out of the funds of a foundation:
 (i) the names and addresses of the trustees of the fund or of the foundation; and
 (ii) the title or other description of the trust fund, or the name of the foundation, as the case requires; or
 (e) in any other case—the name and address of the person or organisation.

 (4) For the purpose of subsection (2), a person who is a candidate in an election is taken to remain a candidate for 30 days after the polling day in the election.

 (5) For the purpose of subsection (2), persons who constituted a group in an election are taken to continue to constitute the same group for 30 days after the polling day in the election.

 (6) Where a person receives a loan that, by virtue of this section, it is unlawful for the person to receive, an amount equal to the amount or value of the loan is payable by that person to the Commonwealth and may be recovered by the Commonwealth as a debt due to the Commonwealth by action, in a court of competent jurisdiction, against:
 (a) in the case of a loan to or for the benefit of a political party or a State branch of a political party:
 (i) if the party or branch, as the