Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A guarantee purportedly given by the Corporation is void if, at the time the Corporation purports to give the guarantee, it would secure an amount that is more than the uncommitted balance of the Account at that time, less any liabilities of the Corporation at that time (whether actual or contingent) that are not in respect of guarantees.
(2) To avoid doubt, the guarantee is wholly void regardless of whether a part of the amount it would secure could be covered by the amount worked out in subsection (1).