Building Societies Act Amendment Act 1974 (Qld)

484 kyltEE1t s1tztr ANNO VICESIMO TERTIO ELIZABETHAE SECUNDAE REGINAE No. 48 of 1974 An Act to amend the Building Societies Act 1886-1972 in a certain particular [ASSENTED TO 17TH SEPTEMBER, 1974] BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- 1. Short title and citation . (1) This Act may be cited as the Building Societies Act Amendment Act 1974. (2) The Building Societies Act 1886-1972 as amended by this Act may be cited as the Building Societies Act 1886-1974. 2. Amendment of s. 23A. Section 23A of the Building Societies Act 1886-1972 is amended by inserting after subsection (6) the following subsection:- " (6A) (a) A Registered Society that has made, prior to the commencement of the Building Societies Act Amendment Act 1974, any advances in respect of which it is, for any reason, precluded from charging a rate of interest up to the prescribed rate may seek the approval of the Governor in Council to charge, in respect of those advances or any of them, a rate of interest higher than the rate charged at the time approval is sought but not exceeding the prescribed rate.

Building Societies Act Amendment Act 1974 , No. 48 485 (b) The approval sought may be to charge the rate of interest that is the prescribed rate from time to time. (c) The Governor in Council on approval being sought by the Registered Society may, by Order in Council, approve that on and from a date specified in the Order in Council the Registered Society may in respect of any advances the subject of which approval is sought charge a rate of interest higher than the rate charged at the time approval is sought but not exceeding the prescribed rate. (d) The approval may be for the charging of the rate of interest that is the prescribed rate from time to time. (e) The date specified in the Order in Council may be a date earlier than the date of publication of the Order in Council in the Gazette but shall not be a date earlier than 15 June 1974. (f) The Registered Society may , pursuant to the approval of the Governor in Council , in respect of advances the subject of such approval , charge the rate of interest approved by the Governor in Council on and from the date specified for that purpose in the Order in Council, and , in respect of any period prior to the date of publication of the Order in Council in the Gazette , including any period prior to the commencement of the Building Societies Act Amendment Act 1974, this provision operates retrospectively accordingly , and any persons by whom such advances are repayable to the Society shall, on and from the date specified in the Order in Council , but subject to paragraphs ( g) to (j ) inclusive , be liable to pay the rate of interest approved by the Governor in Council notwithstanding- (i) the provisions of this or any other Act or law to the contrary; (ii) any term or covenant of any mortgage or other instrument securing the repayment of moneys advanced by the Society; (iii) any form of mortgage or other instrument used by the Society, whether prescribed or not; (iv) the rules of the Society at the commencement of the Building Societies Act Amendment Act 1974 or as they stood at any time prior thereto. (g) This subsection has no application to any person by whom an advance the subject of approval as aforesaid is repayable to the Registered Society where indebtedness in respect of 'such advance is liquidated prior to the date of publication of the Order in Council in the Gazette. (h) Notwithstanding that a person may, on and from the date specified ' in the Order in Council , be liable pursuant to paragraph ( f) to pay the rate of interest approved by the Governor in Council. he shall not be taken to have defaulted in complying with or otherwise acted contrary to any, covenant or condition of any mortgage or other instrument in question by reason only that additional interest has not been paid or taken into account prior to the date of publication of the Order in Council in the Gazette.

486 Building Societies Act Amendment Act 1974, No. 48 (i) Nothing contained in this subsection requires, by reason only of the approval of the Governor in Council to charge the rate of interest as aforesaid, that where pursuant to any mortgage or other instrument a person is required to make periodic payments comprising principal and interest until the whole of the moneys advanced and interest thereon shall have been fully paid and satisfied, the amount of such periodic payments so required to be made be increased. (j) The Governor in Council may prescribe in the Order in Council such terms and conditions as he thinks fit, either generally or in relation to any particular case, in respect of any approval given by him, and any such terms and conditions shall operate and be given effect to according to their tenor. (k) Any reference, in any mortgage or other instrument to which the provisions of this subsection have application, to the rate of interest shall, on and from the date specified as aforesaid in the Order in Council, be read, construed and have effect for all purposes as a reference to the rate of interest approved by the Governor in Council.".