Document ID: chunk:federal_register_of_legislation:C2004A03153:section:5
Version: federal_register_of_legislation:C2004A03153
Segment Type: section
Provision Reference: s 5
Character Range: 2660–3838

5  Conditions of guarantees
  For the purpose of the protection of the financial interests of the Commonwealth, the Treasurer shall not give a guarantee under section 4 unless:
 (a) the moneys are borrowed on terms and conditions that the Treasurer is satisfied are reasonable;
 (b) appropriate security to the satisfaction of the Treasurer is, or is to be, given to the Commonwealth over property of Qantas Airways Limited, being property 85% of the value of the interest of Qantas Airways Limited in which, immediately before the giving of security to the Commonwealth, equals or exceeds the amount borrowed;
 (c) undertakings to the satisfaction of the Treasurer are given that the property of Qantas Airways Limited over which security is, or is to be, taken in accordance with paragraph (b):
 (i) will be insured and kept insured against all risks against which it is customary to insure and to the full insurable value of that property; and
 (ii) will not be sold or made the subject of a mortgage or charge having priority over the security to the Commonwealth in respect of the guarantee; and
 (d) such other conditions as the Treasurer thinks necessary are fulfilled.