Document ID: chunk:federal_register_of_legislation:C2004A04677:body:0:p32
Version: federal_register_of_legislation:C2004A04677
Segment Type: other
Provision Reference: 
Character Range: 84033–86574

would be inconsistent with the views or sensitivities of Torres Strait Islanders or Aboriginal persons.

"Division 3—General funding powers of TSRA

TSRA may make grants and loans

   "142F.(1) The TSRA may:

  (a) make a grant of money; or

  (b) grant an interest in land; or

  (c) grant an interest in personal property; or

  (d) make a loan of money (whether secured or unsecured);

to:

  (e) an individual; or

  (f) a body corporate (other than a Regional Council); or

(g) an unincorporated body;

for the purpose of furthering the social, economic or cultural development of Torres Strait Islanders, or Aboriginal persons, living in the Torres Strait area.

"(2) A grant or loan is subject to such terms and conditions as the TSRA determines.

"(3) The TSRA may acquire by agreement an interest in land, or personal property, for the purpose of making a grant under this section.

TSRA may give guarantees

"142G.(1) If the TSRA is satisfied that the purpose of a loan made or to be made to:

  (a) an individual; or

  (b) a body corporate; or

  (c) an unincorporated body;

is a purpose for which the TSRA could, in the performance of its functions, make a loan to that borrower, the TSRA may guarantee the due payment of all money (including interest) payable by the borrower in accordance with the terms and conditions of the loan.

"(2) The TSRA's power to give guarantees is subject to such limits as the Treasurer determines as to the total amount of money (other than interest) the payment of which may at any time be the subject of guarantees.

"(3) A guarantee is subject to such terms and conditions as the TSRA determines.

Grants and loans to be repayable if conditions breached etc.

"142H.(1) The TSRA may give written notice to an individual or body to whom a grant has been made under this Part, stating that the TSRA is satisfied that the individual or body has failed to fulfil a term or condition of the grant.

"(2) An individual or body who is given notice under subsection (1) is liable to pay to the TSRA an amount equal to:

  (a) the amount of the grant; or

  (b) so much of the grant as the TSRA specifies in the notice.

"(3) The TSRA may give written notice to an individual or body to whom a loan has been made under this Part, stating that the TSRA is satisfied that the individual or body has failed to fulfil a term or condition of the loan.

"(4) An individual or body who is given notice under subsection (3) is liable to pay to the TSRA, immediately, an amount equal to the sum of:

  (a) so