Co-operative Housing Societies Acts Amendment Act of 1964 (Qld)

229 (QtteensCuztbi ANNO TERTIO DECIMO ELIZABETHAE SECUNDAE REGINAE No. 22 of 1964 An Act to Amend " The Co-operative Housing Societies Acts, 1958 to 1962 ," in certain particulars [ASSENTED TO 9TH APRIL, 1964] 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. (1) Short title. This Act may be cited as "The Co-operative Housing Societies Acts Amendment Act of 1964." (2) Principal Act . "The Co-operative Housing Societies Acts, 1958 to 1962 " are in this Act referred to as the Principal Act. (3) Collective title . The Principal Act and this Act may be collectively cited as "The Co-operative Housing Societies Acts, 1958 to 1964."

230 Co-operative Housing Societies Acts Amendment Act of 1964, No. 22 2. New s. 6A. The Principal Act is amended by inserting after section six the following section:- " [6A] Society with object of assisting purchases of dwelling - houses. A co-operative housing society may be formed and registered under this Act for all or any of the following objects:- (a) To enable a member who is the holder of shares entitling him to borrow from the society to acquire a dwelling-house (and its appurtenant land) which has been erected within the period of thirty years next preceding the date on which an application in writing for the advance is received by the society; (b) For that purpose to make advances to its members upon the security of land, including improvements thereon; and (c) To do all such other things as in the opinion of the registrar are calculated to promote the economic interest of the members of the society in relation to the object specified in paragraph (a) of this section. A society formed and registered under this section, shall have as its only objects, the objects specified in this section. In this section " acquire " includes the completion of a purchase under an existing contract of sale and also includes the payment of money in order to discharge an existing mortgage or similar security." 3. Amendments of s. 25 . Section twenty-five of the Principal Act is amended by- (a) in subsection (2)- (i) omitting from paragraph (d) the symbol "." and inserting in its stead the symbol and word "; or "; (ii) inserting after paragraph (d) the following paragraph:- (e) In the case of a society formed and registered under section 6A of this Act, to acquire a dwelling -house (and its appurtenant land) which has been erected within the period of thirty years next preceding the date on which an application in writing for the advance was received by the society."; (iii) inserting before the words " this subsection " the words " paragraphs (a), (b) and (c) of "; (iv) adding the following paragraph:- " In paragraph (e) of this subsection the term " acquire " shall have the inclusive meaning assigned to it by section 6A of this Act."; (b) inserting after subsection (8) the following subsections:- " (9.) A society shall not make any advance to a member for the purpose specified in paragraph (e) of subsection (2.) of this section unless the amount of the advance reduced by the paid up value of the share capital of the member does not exceed- (a) In the case of a dwelling-house which the registrar is satisfied has been erected within the period of five years next preceding the date on which the application in writing for the advance is received by the society, ninety per centum of the value of the land and the dwelling-house erected thereon;

Co-operative Housing Societies Acts Amendment Act of 1964, No. 22 231 (b) In the case of a dwelling - house which the registrar is satisfied has been erected more than five years next preceding the date on which the application in writing for the advance is received by the society, eighty per centum of the value of the land and the dwelling - house erected thereon. The period of five years and the amounts per centum mentioned in this subsection , or any of them , may be altered from time to time by the Governor in Council by Order in Council , and this subsection shall during the continuance in force of any such Order in Council apply subject thereto. (10.) A society shall not make any advance to a member of the society for the purpose specified in paragraph ( e) of subsection (2.) of this section in excess of an amount of three thousand pounds or such other amount as is specified for the time being by the Governor in Council by Order in Council."; (c) omitting the subsection presently numbered ( 9.) and inserting in its stead the following subsection:- " (11.) A society shall not make an advance to a member of the society except upon terms requiring him to repay the advance together with interest thereon , within a period,- (a) In the case of an advance made for a purpose specified in paragraphs ( a), (b), (c) or ( d) of subsection ( 2.) of this section or for the purpose specified in paragraph ( e) of subsection (2.) of this section in respect of a dwelling - house which the registrar is satisfied has been erected within five years next preceding the date on which the application in writing for the advance is received by the society , not exceeding thirty-one years from the date of the first pay or within such other period as the Minister, in his discretion , may determine; (b) In any other case, not exceeding twenty-one years from the date of the first pay or within such other period as the Minister, in his discretion, may determine."; (d) renumbering the subsection presently numbered ( 10) as subsection ( 12); (e) renumbering the subsection presently numbered ( 11) as subsection (13); (f) renumbering the subsection presently numbered ( 12) as subsection (14) and in that subsection- (i) omitting the word " ten " and inserting in its stead the word twelve "; (ii) omitting the words " eight and nine " and inserting in their stead the words " eight, nine , ten and eleven ";

232 Co- operative Housing Societies Acts Amendment Act of 1964, No. 22 (g) renumbering the subsection presently numbered (13) as subsection (15) and in that subsection- (i) omitting from paragraph (a) the word and figure "subsection (7) " and inserting in their stead the words and figures "subsections (7) or (10) "; (ii) omitting from paragraph (b) the word and figure " subsection (6) and inserting in their stead the words and figures " subsections (6) or (9) "; (iii) omitting the words and letters " in accordance with paragraphs (a), (b) or (c) " where they twice appear and inserting in their stead the words and letters " in accordance with paragraphs (a), (b), (c) or (e) "•