Division 2103 Heritage Conservation Fund
There shall be established in the Special Deposits Account in the Treasury a Heritage Conservation Fund.
(1) There shall be paid into the Fund:(a) any money appropriated by Parliament for the purposes of the Fund,(b) money borrowed by the corporation,(c) all money received in respect of:(i) fees and charges under this Act or the regulations,(ii) penalties recovered pursuant to this Act or the regulations, and(iii) policies of insurance under which money is paid to the corporation with respect to any property in the custody or under the control of the corporation,(d) any money acquired by the corporation pursuant to section 115,(e) any money received by the corporation pursuant to section 116, and(f) any other money received in connection with the administration of this Act, other than money received in such circumstances as may be prescribed.(2) Where any money acquired by the corporation pursuant to section 115 is subject to any condition to which it has agreed, the money shall be carried to a separate account in the Fund and shall be applied in accordance with the condition.(3) Any money referred to in subsection (2) may, pending application in accordance with the condition so referred to, be invested by the corporation with the Treasurer or in any manner in which trustees are for the time being authorised to invest trust funds.
(1) There may be paid out of the Fund:(a) all charges, costs and expenses incurred by the Minister and the corporation in exercising functions under this Act,(b) the remuneration payable to the members of the Heritage Council under this Act,(c) money required:(i) to repay money borrowed under this Division,(ii) to pay interest on money so borrowed, and(iii) to pay the expenses of the corporation in borrowing money under this Division,(d) the cost of acquiring land under Division 3,(e) the cost of conserving any item of the environmental heritage vested in the corporation,(f) grants or loans for the purpose of promoting and assisting the conservation of items of the environmental heritage,(g) money required for the purpose of discharging any liability of the corporation under a guarantee given by the corporation,(h) all money which the Minister directs shall be set aside to provide a reserve for insurance, and(i) all costs incurred under sections 115 and 116.(2) Any money set aside, as referred to in subsection (1) (h), may be invested by the corporation with the Treasurer or in any manner in which trustees are for the time being authorised to invest trust funds.(3) Where:(a) any lands are purchased under section 112 out of money wholly or partly appropriated by Parliament for the purposes of the Fund, and(b) those lands, or any part of those lands, are sold under section 116,there shall be paid from the Fund to the Treasurer, out of the proceeds of sale referred to in paragraph (b), such amounts as the Treasurer may determine.
(1) There is to be a Fund called the Heritage Incentive Fund, which is to be administered by the Minister.(2) There is to be paid into the Heritage Incentive Fund any money appropriated by Parliament for the purposes of that Fund.(3) There may be paid out of the Heritage Incentive Fund money required to pay for the financial assistance provided or arranged by the Minister under section 45 (Financial and other assistance).
106 Making of loans and grants by the corporation
(1) The corporation may, on the recommendation of the Heritage Council, make a grant or loan for the purpose of promoting and assisting the conservation of an item of the environmental heritage.(2) Subject to section 107, the corporation may, in making a grant or loan, impose such conditions as, in its opinion, are appropriate to promote and assist the conservation of the item of the environmental heritage in respect of which the grant or loan is made.
107 Rates of interest on loans, and rental etc on leases by corporation
(1) A loan made by the corporation shall be:(a) at the rate of interest for the time being fixed by the Treasurer generally for the purposes of this Act, or(b) if the Treasurer so approves:(i) at such rate of interest as may be fixed by the Treasurer in respect of that loan, or(ii) without interest.(2) The rental or other consideration to be received by the corporation in respect of a lease of property acquired for the purposes of this Act shall be fixed by the corporation so as to produce an amount not less than such percentage as the Treasurer may direct, in respect of that lease, or of leases of the class to which that lease belongs, of the fair market value of the property leased.
(1) The corporation may, with the concurrence of the Treasurer and subject to this section, execute a guarantee, either alone or jointly with some other person, in favour of a bank, building society, credit union or other person for the repayment of any money expended or to be expended on any one or more of the following:(a) the acquisition of an item of the environmental heritage,(b) the conservation of an item of the environmental heritage, or(c) the acquisition of personal property:(i) which is associated with and contributes to the significance of an item of the environmental heritage as such an item, or(ii) which is required for the purpose of furnishing or decorating an item of the environmental heritage.(2) The corporation may, in agreeing to execute a guarantee, impose such conditions as, in the opinion of the corporation, are appropriate.(3) A guarantee executed by the corporation is not enforceable against the corporation until the creditor has exercised all his or her rights and remedies under all other securities held by or for the creditor in respect of the debt guaranteed, other than the guarantee.(4) The corporation may, as a condition of a guarantee, require the creditor to obtain, take and hold, or retain and hold, such securities for the payment of the principal debt and interest thereon as the corporation requires.(5) The corporation may execute a guarantee notwithstanding that it includes any interest (including compound interest), charges and expenses chargeable by the creditor against the principal debtor and the expenses of enforcing or obtaining or endeavouring to enforce or obtain payment of the debt guaranteed, that interest and those charges and expenses.(6) Where the corporation executes a guarantee, any assignment or encumbrance of the guarantee by the creditor without the consent of the corporation has no force or effect.(7) The corporation shall not execute a guarantee:(a) if the amount guaranteed would exceed 90 per centum of the estimated cost, ascertained as directed by the corporation, of:(i) the acquisition of the item of the environmental heritage,(ii) the conservation of the item of the environmental heritage, or(iii) the acquisition of the personal property,as the case may be, or(b) if the amount guaranteed would, together with the amounts of all other guarantees executed by the corporation and then in force, or agreed to by the corporation but not then executed, exceed such amount as may be determined from time to time by the Treasurer and notified to the corporation.(8) The execution by the corporation of a guarantee referred to in this section is, in favour of the creditor, conclusive evidence that the requirements of this section with respect to the guarantee have been complied with.