Cooperative Housing Societies General Amendment Regulation (No. 1) 1993 (Qld)

Queensland Subordinate Legislation 1993 No. 95 Co-operative Housing Societies Act 1958 COOPERATIVE HOUSING SOCIETIES GENERAL AMENDMENT REGULATION (No. 1) 1993 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Amended regulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Replacement of s.1 (Citation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Insertion of new s.34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 34 Society must have mortgage insurance for certain advances . . . . . 2

2 Cooperative Housing Societies General Amendment (No. 1) No. 95, 1993 ˙ Short title 1. This regulation may be cited as the Cooperative Housing Societies General Amendment Regulation (No. 1) 1993 . ˙ Amended regulation 2. The Co-operative Housing Societies General Regulation 1958 is amended as set out in this regulation. ˙ Replacement of s.1 (Citation) 3. Section 1— omit, insert— ˙ ‘Short title ‘1. This regulation may be cited as the Cooperative Housing Societies General Regulation 1958 . ’. ˙ Insertion of new s.34 4. After section 33— insert— ˙ ‘Society must have mortgage insurance for certain advances ‘34.(1) This section applies to a society if— (a) a member applies to the society for an advance for a purpose mentioned in section 25(2) of the Act; and (b) the amount of the advance, less the paid up value of the member’s share capital, is more than 90% of the value of the land and dwelling house erected, or to be erected, on the land. ‘(2) The society may make the advance to the member only if the society has arranged mortgage insurance in relation to the advance.

3 Cooperative Housing Societies General Amendment (No. 1) No. 95, 1993 ‘(3) In this section— “mortgage insurance” means insurance that provides that, if a borrower defaults on repayment to a society of an amount due to the society in relation to an advance, the insurer must pay the amount to the society. ’. ENDNOTES 1. Made by the Governor in Council on 8 April 1993. 2. Notified in the Gazette on 8 April 1993. 3. Laid before the Legislative Assembly on . . . 4. The administering agency is the Treasury Department. The State of Queensland 1993