Credit Union Act 1969 Regulation relating to mortgages of land (1992-167) [GG No 42 of 3.4.1992] (NSW)

1992—No. 167

CREDIT UNION ACT 1969—REGULATION

(Relating to mortgages of land)

NEW SOUTH WALES

[Published in Gazette No. 42 of 3 April 1992]

HIS Excellency the Governor, with the advice of the Executive Council, and in pursuance of the Credit Union Act 1969, has been pleased to make the Regulation set forth hereunder.

G. B. PEACOCKE

Minister for Co-operatives.

The Credit Union Regulations 1969 are amended by inserting after

Regulation 28C the following Regulations:

Credit unions as agents

28D. The following purposes are prescribed for the purposes of

section 17 (1) (a), (b) and (c) of the Act:

(a)	the receipt, processing and approval (on behalf only of a person or body specified in the Table to this clause) of applications for loans to be secured by first mortgages of estates or interests in land, whether situated in New South Wales or elsewhere;
(b)	the management (on behalf only of a person or body specified

in the Table to this clause) of loans secured by first mortgages

of estates or interests in land, whether situated in New South
Wales or elsewhere.

TABLE

Members Mortgage Australia Pty Limited
The Association of New South Wales Credit Unions Limited
Permanent Registry Limited
Permanent Custodians Limited

1992—No. 167

Investment of surplus funds

28E. For the purposes of section 19 (1) (aa) of the Act, a credit union may invest its funds in first mortgages of estates or interests in land, whether situated in New South Wales or elsewhere in Australia, but only mortgages purchased from a person or body specified in the Table to this clause.

TABLE

Members Mortgage Australia Pty Limited
The Association of New South Wales Credit Unions Limited
Permanent Registry Limited

Permanent Custodians Limited

EXPLANATORY NOTE

The object of this Regulation is to enable credit unions to act as agents for certain bodies in the approval and management of fist mortgages of land and to allow credit unions to invest funds in first mortgages of land.