9.2 Guarantees

The provision of a guarantee by a Government Board in favour of any party is subject to the prior approval of the relevant portfolio Minister, as well as the Treasurer if the Board is in direct receipt of Government funding. There may also be certain statutory requirements under the Board's enacting legislation and the Statutory Bodies Financial Arrangements Act 1982 (external link).

Where a Government Board is not constituted by statute but functions in an advisory role only, it will not have the legal power to provide a guarantee to another party. Details of any guarantees should appear in the Board's Annual Report regardless of whether the guarantee has been "called up" or not.

Last reviewed: 17 July, 2009

Last updated: 22 July, 2009

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