SYDNEY SPORTS GROUND AND SYDNEY CRICKET GROUND AMALGAMATION (AMENDMENT) ACT.

ANNO VICESIMO P R I M O

ELIZABETHS II BEGINS
Act No. 8 0 , 1 9 7 2 .
A n A c t t o a u t h o r i s e t h e t r u s t e e s of t h e S y d n e y S p o r t s G r o u n d and Sydney Cricket G r o u n d to b o r r o w m o n e y ; to authorise the Treasurer to guarantee t h e r e p a y m e n t of m o n e y b o r r o w e d b y t h o s e t r u s t e e s ; for these a n d o t h e r p u r p o s e s t o a m e n d the Sydney Sports G r o u n d a n d Sydney Cricket Ground Amalgamation Act, 1951, a n d t h e G o v e r n m e n t G u a r a n t e e s A c t , 1934; a n d for purposes connected therewith. [Assented t o . 4th D e c e m b e r , 1972.]

BE

it enacted by the Queen's Most Excellent Majesty, by B E and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows : --

1. This Act may be cited as the "Sydney Sports Ground and Sydney Cricket Ground Amalgamation (Amendment) Act, 1972".

2. The Sydney Sports Ground and Sydney Cricket Ground Amalgamation Act, 1951, is amended by inserting next after section 7 the following new section :--

7A. ( 1 ) The trustees of the land described in the Third Schedule may, with the approval of the Minister and the concurrence of the Treasurer, borrow money to expend in the exercise or performance of any power, authority, duty or function conferred or imposed upon them by or under this or any other Act as trustees of that land or of any other land.

( 2 ) Security for the repayment of any money borrowed pursuant to subsection ( 1 ) may be given over investments made by the trustees.

( 3 ) The powers conferred by subsections ( 1 ) and ( 2 ) are additional to, and do not derogate from, any other power conferred by or under this or any other Act on the trustees. 3.

3. The Government Guarantees Act, 1934, is amended by inserting next after section 3 ( 5 F ) the following new subsection :-- ( 5 G ) It shall be lawful for the Treasurer, upon the recommendation of the Minister for Lands and with the approval of the Governor, to execute a guarantee in favour of a bank or other body of persons, corporate or unincorporate, approved by the Treasurer (in this Act referred to as "approved body") for the repayment of any money borrowed pursuant to section 7 A of the Sydney Sports Ground and Sydney Cricket Ground Amalgamation Act, 1951.

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P 81871-41