Document ID: chunk:federal_register_of_legislation:C2024C00826:clause:1_59
Version: federal_register_of_legislation:C2024C00826
Segment Type: clause
Provision Reference: sch 1 cl 59
Character Range: 839692–840498

59  Extension of guarantee
 (1) In addition to guaranteeing obligations under a credit contract or proposed credit contract to which a guarantee initially applies, a guarantee may contain a provision that makes credit provided under another future credit contract subject to the guarantee.
 (2) Any such guarantee is unenforceable in relation to such a future credit contract unless the credit provider has:
 (a) given the guarantor a copy of the contract document of that future credit contract; and
 (b) subsequently obtained from the guarantor a written acceptance of the extension of the guarantee or obtained acceptance in some other form provided for by the regulations.
 (3) Section 55 (Form of guarantee) and section 56 (Disclosure) do not apply to an extension of a guarantee under this section.