Home Builders' Assistance Act of 1958 (7 Eliz Ii No. 28) (Qld)

304 HOUSING. Some Builders9 Assistance Act . 7 E liz . II. No. 28, HOUSING. 7 N E l o i . z 2 . 8I. I. An Act to Approve and Ratify Certain Agreements T he H ome B uilders ’ made between the Treasurer of Queensland A ssistance A ct of 1958. for and on behalf of the Government of Queensland of the one Part and certain Building Societies and Approved Institutions of the other Part to Provide Finance for Home Builders in the State of Queensland by Loans to such Building Societies and Approved Institutions not exceeding in the aggregate One Hundred Thousand Pounds. [A ssented to 14 th O ctober , 1958.] B E it enacted by the Queen’s Most Excellent Majesty, by and with the advice and consent of the Legis­ lativeAssemblyof Queensland in Parliament assembled, and by the authority of the same, as follows:— Short title. 1. This Act may be cited as “ The Home Builders' Assistance Act of 1958.” Authorisa­ tion of agreements respecting certain loans. 2. (1.) In order to provide finance of £100,000 for home builders in the State of Queensland— (a) By a loan of £32,500 to The Brisbane Permanent Building and Banking Company Limited; (6) By loans of £20,000 and £7,500 to Queensland Mutual Permanent Building & Investment Society, £10,000 to Red Comb Co-operative Terminating Housing Society No. 1 Limited, £7,500 to Brisbane Co-operative Terminating Housing Society No. 1 Limited, £7,500 to Metropolitan Mutual Co-operative Housing Society No. 1 Limited, £7,500 to Wynnum District Co-operative Housing Society No. 1 Limited, and £7,500 to Maryborough Co­ operative Housing Society No. 1 Limited; and (c) By a loan to any society named in paragraph (6) of this subsection of the part or the aggregate parts respectively of the sum or sums specified in that paragraph (6) relative

HOUSING. 1958. Home Builders’ Assistance Act. to any other society or societies named therein which such other society or societies may be unable to use, the Treasurer of Queensland is, and it is hereby declared always was, authorised to enter into— (i.) With The Brisbane Permanent Building and Banking Company Limited the Agreement dated the 24th April, 1958, substantially in accordance with the form of agreement contained in the First Schedule to this Act; (ii.) With the societies named in paragraph (b) of this subsection, the following agreements substantially in accordance with the form of agreement set out in the Second Schedule to this Act, namely the Agreement with Queensland Mutual Permanent Building & Investment Society dated 24th April, 1958, the Agreement with Queensland Mutual Permanent Building & Investment Society dated 3rd June, 1958, the Agreement with Red Comb Co-operative Terminating Housing Society No. 1 Limited dated 24th April, 1958, the Agreement with Brisbane Co-operative Terminating Housing Society No. 1 Limited dated 24th April, 1958, the Agreement with Metropolitan Mutual Co-operative Housing Society No. 1 Limited dated 14th April, 1958, the Agreement with Wynnum District Co-operative Housing Society No. 1 Limited dated 24th April, 1958, and the Agreement with Maryborough Co-operative Housing Society No. 1 Limited dated 10th April, 1958, such agreements being substantially in accordance with the form of agreement contained in the Second Schedule to this Act; and (iii.) With any of the societies named in paragraph (6) of this subsection, an agreement in respect of any loan mentioned in paragraph (c) of this subsection, which agreement may be substantially in accordance with the form of agreement set out in the Second Schedule to this Act, or may be in such form, and either by way of a separate agreement or by way of variation of the Agreement with 305

306 HOUSING. Home Builders’ Assistance Act. 7 E liz . II. No. 28, the society concerned specified in paragraph (ii.) of tnis subsection, as is agreed upon between the said Treasurer and the society, and every such agreement as entered into is hereby approved and ratified, and the same shall have the force of law and be carried into effect. (2.) All acts and things which the Treasurer shall have done or shall hereafter do in the fulfilment of the said agreements are hereby authorised, ratified and confirmed. (3.) All advances under the terms and conditions of the said agreements whether heretofore made or now in course of being made or hereinafter to be made are hereby authorised, ratified and confirmed. Authority to building societies to receive loans. 3. Where a loan referred to in this Act is made by the Treasurer to The Brisbane Permanent Building and Banking Company Limited or to any society named in paragraph ( b) of subsection one of section two of this Act then, notwithstanding anything contained in any other Act whereunder that company or society is constituted, incorporated or registered, or in the constitution and rules thereof (and, in particular, notwithstanding any limitations in any such Act or constitution and rules with respect to the receipt of moneys upon loan or the giving of security for moneys received upon loan) that company or society is hereby authorised to receive that loan and to give in respect thereof security as required by the Treasurer, and the constitution and rules of that company or society shall be deemed to empower the receipt of such loan and the giving of such security. Securities 4-. All capital and interest moneys in respect of fmsooracdiaeedtivteoas.nces saanvye ltohaant rmefaedreretdo tToheinBtrhisisbaAnectPmeramdeanbeyntthBeuiTldrienagsuarnedr Banking Company Limited shall forthwith upon the making of the loan become and be a first charge upon the property and assets of the society in priority to all charges thereover or encumbrances thereon (including all prior such charges and encumbrances and also any charge or encumbrance thereover or thereon created by any other Act) save a prior charge created by *“ The Commonwealth and State Housing Agreement Act of 1956.” * 6 Eliz. II. No. 25.

HOUSING. 307 1958. Home Builders’ Assistance Act, 5. All capital and interest moneys in respect of Securities the loan of £32,500 referred to in this Act made by the madfton°es Treasurer to The Brisbane Permanent Building and companies. Banking Company Limited shall forthwith upon the making of the loan be a first charge upon the securities obtained by the Bank from borrowers who obtain loans from the said £32,500. SCHEDULES. S chedules . FIRST SCHEDULE. First Schedule. [Section 2 T his D eed made the day of One™ thousand nine hundred and fifty-eight between T he H onourable T homas A lfred H iley the Treasurer of Queensland for and on behalf of the Government of Queensland (hereinafter with his successors in office called “the Treasurer”) of the one part and T he B risbane P ermanent B uilding and B anking C ompany L imited a Company duly incorporated and registered under the laws of the said State and having its registered office at 115 Queen Street Brisbane in the State of Queensland (hereinafter called “ the Bank ”) of the other part. W hereas the Treasurer has agreed to make to the Bank upon under and subject to the terms and conditions hereinafter set forth a loan not exceeding in the aggregate the sum of T hirty - two T housand F ive H undred P ounds to enable the Bank to make subject to and in accordance with the conditions hereinafter contained a loan to any person in the State of Queensland who requires finance for the erection or purchase of a home for himself (hereinafter called “ a borrower ”). In consideration of making such loan to the Bank the Treasurer has required the Bank to enter into these presents. Now T his D eed W itnesseth that it is hereby covenanted and agreed between the parties hereto as follows:— 1. The said sum of £32,500 shall be advanced by the Treasurer to the Bank by instalments of such amounts as may be mutually agreed upon from time to time by the parties hereto or failing agreement as shall be determined by the Treasurer provided that the final instalment shall be advanced to the Bank not later than the thirtieth day of June, one thousand nine hundred and fifty-eight. 2. Subject to clause 3 hereof the Bank shall on the thirtieth day of June, one thousand nine hundred and fifty-eight, or on such later date as the Treasurer may determine, pay to the Treasurer interest at the rate of 4J per centum per annum on the amount of each such instalment, such interest to be computed on and from the date of the payment of each such instalment to the Bank to and including the thirtieth day of June, one thousand nine hundred and

308 S chedules . HOUSING. Some Builders9 Assistance Act . 1 ' 1 7 E liz . II. No. 28, fifty-eight: Provided that if such interest be not paid on the thirtieth day of June, one thousand nine hundred and fifty-eight, or on such later date as the Treasurer may so determine, interest at the rate aforesaid shall be paid by the Bank on the amount of interest unpaid from the thirtieth day of June, one thousand nine hundred and fifty-eight, to and including the day of payment. 3. The Bank shall repay to the Treasurer the sum of all such instalments (hereinafter called “ the principal sum ”) together with interest thereon at the rate aforesaid computed on and from the first day of July, one thousand nine hundred and fifty-eight, by quarterly instalments as assessed by the Treasurer, so that the whole of the principal sum together with interest thereon as aforesaid shall be repaid to the Treasurer on or before the thirtieth day of June, one thousand nine hundred and eighty-nine, the first of such instalments being payable on the thirtieth day of September, one thousand nine hundred and fifty-eight. If any instalment of principal and interest be not paid by the Bank on the due date interest at the rate aforesaid shall be paid by the Bank on the amount of principal and/or interest unpaid from such due date to and including the date of payment. The Bank shall have the right to pay off the principal sum or any part thereof at any time or times before the due date for the payment thereof upon giving to the Treasurer one calendar month’s notice in writing of such intention or in lieu of giving such notice upon paying to the Treasurer a sum equivalent to one calendar month’s interest at the rate aforesaid on the amount proposed to be repaid and after such payment the amount so repaid and hereby secured as from the date the same shall be actually so repaid shall cease to bear interest. 4. The Bank shall open a special account called “ The State Government Account ” and shall credit therein all advances made to the Bank by the Treasurer from time to time from which all payments in respect of any loan by the Bank to a borrower shall be made. The Bank shall also credit to such account all payments of interest and repayments of principal from time to time made by a borrower to the Bank and shall debit such with payments of interest and repayments of principal to the Treasurer, 5. (a) The Bank shall not lend any part of the principal sum except on the terms that the borrower from the Bank shall be bound— (i.) to provide an equity of not less than ten per centum of the valuation or purchase price, whichever is the lower amount, of the dwelling and the land on which it is erected in respect of which the loan is being made ; and (ii.) to repay the loan together with interest thereon within a period not exceeding thirty-one (31) years. (6) The Bank may make loans to a borrower— (i.) up to Two thousand seven hundred and fifty pounds (£2,750) provided the loan does not exceed ninety per cent, of the value or purchase price of the house and the land on which it is erected;

1958. HOUSING. Home Builders9 Assistance Act. 309 S chedules . (ii.) in excess of Two thousand seven hundred and fifty pounds (£2,750) and up to Four thousand pounds (£4,000) provided the loan does not exceed sixty-six and two thirds per cent, of the value or purchase price of the house and the land on which it is erected. (c) The rate of interest charged to a borrower by the Bank in respect of a loan made by the Bank under this Deed shall together with any charges made to the borrower in respect of management or administration expenses be a rate per centum per annum calculated as follows :—A rate not exceeding three-fourths of one per cent, more than the rate charged by the Treasurer to the Bank in pursuance of the provisions hereof. (d) The Bank shall in respect of each loan made ensure that a borrower shall at his own expense execute a legal mortgage in registrable form to the Bank of the property proposed as security for the loan and shall ensure that any such mortgage shall be registered in the appropriate registry but the Bank shall not make any advance on the security of any property which is subject to a prior mortgage unless the prior mortgage is in favour of the Bank. (e) The Bank shall not make any advance to a borrower for the erection or purchase of a dwelling unless the Bank is satisfied that the borrower intends to reside in the dwelling and the borrower and/or his or her spouse (if any) does not own any other dwelling. (/) Loans by the Bank from the loan made by the Treasurer to the Bank as aforesaid may not be made on the security of dwellings other than new dwellings. The term “ new dwelling ” shall mean a dwelling newly erected and constructed as such and which has not been occupied by any person previous to the occupation of the borrower. 6. The Bank shall keep all financial transactions in respect of the said “ The State Government Account ” separate and distinct from those of the Bank’s general advance business including the keeping of a separate Register of Mortgages and/or other securities and shall file all securities taken by the Bank in respect of loans to its borrowers separately from all other of the Bank’s securities. 7. The principal sum and interest hereby secured shall be a first charge upon the securities obtained by the Bank from borrowers from the said “ The State Government Account ” of the Bank and the Bank if and when required by the Treasurer so to do shall do all such acts and things and shall execute all such further instruments and assurances as may be required by the Treasurer to more fully effectuate such charge and the Bank shall deliver to the Treasurer the said securities or any of them if and when required by the Treasurer so to do. 8. The Bank shall not mortgage, encumber, transfer, assign or in any way dispose of its interest in any security obtained from a borrower from the said “ The State Government Account ” of the Bank without the prior consent of the Treasurer in writing first obtained. 9. All acts and things which under all or any of the covenants and agreements herein contained or implied ought to be done by the Bank may be done by the attorney of the Bank hereinafter appointed

310 S chedules . HOUSING. Home Builders’ Assistance Act . 7 E liz . II. No. 28, either in the name of the Bank or of such attorney and the Bank hereby irrevocably appoints the Treasurer and the person for the time being being or carrying out the duties of the Treasurer of Queensland severally the attorney of the Bank for the purposes aforesaid with full licence, power and authority at any time or times hereafter at the cost and expense of the Bank to take all such steps and proceedings and to do and execute all such acts, instruments, deeds and things for securing or perfecting if necessary or as to the said attorney shall seem expedient the charge herein contained and upon default by the Bank under these presents or upon the happening of any other of the events set forth in clause 11 of these presents to execute in favour of the Treasurer or his nominee or nominees whenever requested by the Treasurer so to do such legal mortgages, transfers, assignments and other assurances of the securities (or any of them) charged under these presents or intended so to be (including instruments of title, policies of insurance and any other related documents) and/or of the property and assets of the Bank charged by this Deed in such form and containing (in the case of mortgages and other like assurances) such powers (including power of sale) and provisions as the Treasurer shall require and also in the name and on behalf of the Bank or in the name of the said attorney to ask, demand, sue for, recover and receive of and from all and every persons or person, companies or company whosoever or whatsoever and to give effectual receipts for all or any part of the said securities charged and monies owing to the Bank by any debtor or debtors in respect of the loan from 44 The State Government Account ” of the Bank and to commence, carry on and prosecute, settle and compromise all actions, suits and proceedings for obtaining or enforcing the payment or delivery of the same or any part or parts thereof and therein, to proceed to judgment, decree and execution or to discontinue the same or become non-suit therein and to act in all respects therein as the process of the Court or occasion may require and to receive money out of Court in any such action, suit or proceedings or otherwise and also to take all necessary proceedings for procuring the sequestration of the estate of any debtor or debtors of the Bank in respect of the loan made from 44 The State Government Account ” of the Bank and to prove any debt or claim in any bankrupt, insolvent or assigned estate of any such debtor or debtors, to attend all meetings of creditors therein and to vote thereat, to receive all dividends in any such bankrupt, insolvent or assigned estate or to appoint a proxy or proxies for all or any of such matters and things as aforesaid, to compound or compromise any of the said debts, credits and premises, to execute any deed or deeds of assignment, composition or release, to exercise and put in force all and every or any of the powers, authorities, discretions, rights and remedies of the Bank under any agreement or security now or hereafter to be held for the payment of the said debts, credits and premises or any part or parts thereof and generally to do, perform and execute all such further and other acts, deeds, matters and things which shall become necessary or be regarded by the said attorney as necessary for more satisfactorily securing the payment of the moneys hereby secured or as expedient in relation to the premises as effectually as the Bank could or might do the same and for all or any of the purposes aforesaid from time to time to appoint any substitute or substitutes and such substitute or substitutes at pleasure to remove.

1958. HOUSING. Home Builders9 Assistance Act. 311 S chedules . 10. The Treasurer or any officer or other person duly authorised respectively in that behalf by the Treasurer may at all reasonable times without fee inspect44 The State Government Account ” aforesaid of the Bank, the Register of Mortgages and/or other securities herein­ before mentioned and all or any securities taken by the Bank from borrowers as aforesaid from the said44 The State Government Account ” and take extracts from or copies of the same or any part or parts thereof. 11. If the Bank shall make default in the payment of any moneys payable by the Bank to the Treasurer or interest thereon at the times and in the manner hereinbefore provided or shall fail to observe, perform, fulfil and keep all or any other of the covenants, conditions and stipulations herein contained on the part of the Bank to be observed, performed, fulfilled and kept or if the Bank ceases to carry on its business or if a petition is lodged or an order is made or a resolution is passed for the winding up of the Bank or if a receiver of the undertaking or any part thereof of the Bank is appointed or if at any time there is or are any unsatisfied judgment or judgments for any sum exceeding in all the sum of Fifty thousand pounds (£50,000) obtained against the Bank in any Court of competent jurisdiction then and in any such case, without prejudice to any other right or remedy of the Treasurer, the whole of the moneys payable by the Bank to the Treasurer hereunder together with interest thereon shall at the option of the Treasurer (and notwithstanding any delay or previous waiver of the right of the Treasurer to exercise sfuch option) immediately become and be payable by the Bank to thb Treasurer and may be recovered by the Treasurer as any debt. I n W itness W hereof the parties hereto have executed these presents the day and year first hereinbefore written. S igned S ealed and D elivered by the said T he H onourable T homas A lfred H iley , the Treasurer of Queensland, for and on behalf of the Government of Queensland in the presence of T he C ommon S eal of T he B risbane P ermanent B uilding and B anking C ompany L imited was affixed hereto in our presence.................................................................. ► Directors. Directors, and..................................................... .......*..................................................... Manager, and having the custody of the said Common Seal. Witness Manager.

312 S chedules . HOUSING. Home Builders’ Assistance Act. 7 E liz . II. No. 28, Second Schedule. [Section 2 ( 1)0 SECOND SCHEDULE. T his D eed made the day of One thousand nine hundred and fifty-eight between T he H onourable T homas A lfred H iley the Treasurer of Queensland for and on behalf of the Government of Queensland (hereinafter with his successors in office called 44 the Treasurer ”) of the one part and............................. ........................................................... whose registered office is situate at ........................ Street,..................................... . a building society registered under “ The Building Societies Acts , 1886 to 1956 ” (hereinafter with its successors and assigns called 44 the Society ” of the other part. W hereas the Treasurer has agreed to make to the Society upon under and subject to the terms and conditions hereinafter set forth a loan not exceeding in the aggregate the sum of..................................... P ounds to enable the Society to make subject to and in accordance with the conditions hereinafter contained and with the Rules of the Society a loan to any person in the State of Queensland who requires finance for the erection or purchase of a home for himself (hereinafter called 44 a borrower ”). In consideration of making such loan to the Society the Treasurer has required the Society to enter into these presents. Now T his D eed W itnesseth that it is hereby covenanted and agreed between the parties hereto as follows:— 1. The said sum of £........................ shall be advanced by the Treasurer to the Society by instalments of such amounts as may be mutually agreed upon from time to time by the parties hereto and failing agreement as shall be determined by the Treasurer provided that the final instalment shall be advanced to the Society not later than the thirtieth day of June, one thousand nine hundred and fifty-eight. If at any time the Treasurer shall be of opinion that the Society will be unable to use any part of the sum so allocated by the thirtieth day of June, one thousand nine hundred and fifty-eight, the Treasurer may by notice in writing to the Society reduce the amount of the sum so agreed to be loaned as aforesaid by such amount as in the opinion of the Treasurer the Society will be unable so to use and thereupon the amounts of such payments of instalments shall not exceed in the aggregate the amount of such reduced allocation. 2. Subject to clause 3 hereof the Society shall on the thirtieth day of June, one thousand nine hundred and fifty-eight, or on such later date as the Treasurer may determine, pay to the Treasurer interest at the rate of 4J per centum per annum on the amount of each such instalment, such interest to be computed on and from the date of the payment of each such instalment to the Society to and including the thirtieth day of June, one thousand nine hundred and fifty-eight: Provided that if such interest be not paid on the thirtieth day of June, one thousand nine hundred and fifty-eight, or on such later date as the Treasurer may so determine, interest at the rate aforesaid shall be paid by the Society on the amount of interest unpaid from the thirtieth day of June, one thousand nine hundred and fifty-eight, to and including the day of payment.

1958. HOUSING. Home Builders’ Assistance Act. 313 S chedules . 3. The Society shall repay to the Treasurer the sum of all such instalments (hereinafter called 44 the principal sum ”) together with interest thereon at the rate aforesaid computed on and from the first day of July, one thousand nine hundred and fifty-eight, by quarterly instalments as assessed by the Treasurer, so that the whole of the principal sum together with interest thereon as aforesaid shall be repaid to the Treasurer on or before the thirtieth day of June, one thousand nine hundred and eighty-nine, the first of such instalments being payable on the thirtieth day of September, one thousand nine hundred and fifty-eight. If any instalment of principal and interest be not paid by the Society on the due date interest at the rate aforesaid shall be paid by the Society on the amount of principal and/or interest unpaid from such due date to and including the date of payment. The Society shall have the right to pay off the principal sum or any part thereof at any time or times before the due date for the payment thereof upon giving to the Treasurer one calendar month’s notice in writing of such intention or in lieu of giving such notice upon paying to the Treasurer a sum equivalent to one calendar month’s interest at the rate aforesaid on the amount proposed to be repaid and after such payment the amount so repaid and hereby secured as from the date the same shall be actually so repaid shall cease to bear interest. 4. The Society shall open with its Bank a special account called “ The___ __________ .._____________ ___________________ _____ State Government Account ” and shall place to the credit therein the loan or instalments thereof made or paid to the Society by the Treasurer from time to time from which all payments in respect of any loan by the Society to a borrower shall be made. The Society shall also place to the credit to such account all payments of interest and repayments of principal from time to time made by a borrower to the Society and shall from such account make all payments of interest and repayments of principal to the Treasurer in respect of such loan to the] Society as aforesaid provided that if the moneys in such account are insufficient to meet payments of interest and repayments of principal to the Treasurer then the Society shall from other funds of the Society make such payments of interest and repayments of principal as shall be necessary. 5. (a) The Society shall not lend any part of the principal sum except on the terms that the borrower from the Society shall be bound— (i.) to provide an equity of not less than ten per centum of the valuation or purchase price, whichever is the lower amount, of the dwelling and the land on which it is erected in respect of which the loan is being made ; and (ii.) to repay the loan together with interest thereon within a period not exceeding thirty-one (31) years. (6) The Society may make loans to a borrower— (i.) up to Two thousand seven hundred and fifty pounds (£2,750) provided the loan does not exceed ninety per cent, of the value or purchase price of the house and the land on which it is erected ;

314 S chedules . HOUSING. Home Builders9 Assistance Act . 7 E liz . II. No. 28, (ii.) in excess of Two thousand seven hundred and fifty pounds (£2,750) and up to Four thousand pounds (£4,000) provided the loan does not exceed sixty-six and two-thirds per cent, of the value or purchase price of the house and the land on which it is erected. (c) The rate of interest charged to a borrower by the Society in respect of a loan made by the Society under this Deed shall together with any charges made to the borrower in respect of management or administration expenses be a rate per centum per annum calculated as follows :—A rate not exceeding three-fourths of one per cent, more than the rate charged by the Treasurer to the Society in pursuance of the provisions hereof. (d) The Society shall in respect of each loan made ensure that a borrower shall at his own expense execute a legal mortgage in registrable form to the Society of the property proposed as security for the loan and shall ensure that any such mortgage shall be registered in the appropriate registry but the Society shall not make any advance on the security of any property which is subject to a prior mortgage unless the prior mortgage is in favour of the Society. (e) The Society shall not make any advance to a borrower for the erection or purchase of a dwelling unless the Society is satisfied that the borrower intends to reside in the dwelling and the borrower and/or his or her spouse (if any) does not own any other dwelling. (/) Loans by the Society from the loan made by the Treasurer to the Society as aforesaid may not be made on the security of dwellings other than new dwellings. The term 4 4 new dwelling ” shall mean a dwelling newly erected and constructed as such and which has not been occupied by any person previous to the occupation of the borrower. 6. The Society shall keep all financial transactions in respect of “ The State Government Account ” separate and distinct from those of the Society’s general advance business including the keeping of a separate Register of Mortgages and/or other securities and shall deposit all securities taken by the Society in respect of loans to its borrowers with the Queensland Housing Commission or such other person as the Treasurer shall from time to time in writing direct. 7. The principal sum and interest hereby secured shall be a first charge upon the securities obtained by the Society from borrowers from 44 The State Government Account ” of the Society and upon all the property and assets of the Society save a prior charge created by 44 The Commonwealth and State Housing Agreement Act of 1956 ” and the Society if and when required by the Treasurer so to do shall do all such acts and things and shall execute all such further instruments and assurances as may be required by the Treasurer to more fully effectuate such charge and the Society shall deliver to the Treasurer the said securities or any of them and all instruments of title and securities forming part of the property and assets of the Society if and when required by the Treasurer so to do. 8. The Society shall not mortgage, encumber, transfer, assign or in any way dispose of its interest in any security obtained from a borrower from the said 44 The State Government Account ” of the Society without the prior consent of the Treasurer in writing first obtained.

1958. HOUSING. Home Builders9 Assistance Act . 315 SCHEDULES. 9. All acts and things which under all or any of the covenants and agreements herein contained or implied ought to be done by the Society may be done by the attorney of the Society hereinafter appointed either in the name of the Society or of such attorney and the Society hereby irrevocably appoints the Treasurer and the person for the time being being or carrying out the duties of the Treasurer of Queensland severally the attorney of the Society for the purposes aforesaid with full license, power and authority at any time or times hereafter at the cost and expense of the Society to take all such steps and proceedings and to do and execute all such acts, instruments, deeds and things for securing or perfecting if necessary or as to the said attorney shall seem expedient the charge herein contained and upon default by the Society under these presents or upon the happening of any other of the events set forth in clause 11 of these presents to execute in favour of the Treasurer or his nominee or nominees whenever requested by the Treasurer so to do such legal mortgages, transfers, assignments and other assurances of the securities (or any of them) charged under these presents or intended so to be (including instruments of title, policies of insurance and any other related documents) and/or of the property and assets of the Society charged by this Deed in such form and containing (in the case of mortgages and other like assurances) such powers (including power of sale) and provisions as the Treasurer shall require and also in the name and on behalf of the Society or in the name of the said attorney to ask, demand, sue for, recover and receive of and from all and every persons or person, companies or company whosoever or whatsoever and to give effectual receipts for all or any part of the said securities charged and moneys owing to the Society by any debtor or debtors in respect of the loan from 44 The State Government Account ” of the Society and to commence, carry on and prosecute, settle and compromise all actions, suits and proceedings for obtaining or enforcing the payment or delivery of the same or any part or parts thereof and therein, to proceed to judgment, decree and execution or to discontinue the same or become non-suit therein and tb act in all respects therein as the process of the Court or occasion may require and to receive money out of Court in any such action, suit or proceedings or otherwise and also to take aU necessary proceedings for procuring the sequestration of the estate of any debtor or debtors of the Society in respect of the loan made from44 The State Government Account ” of the Society and to prove any debt or claim in any bankrupt, insolvent or assigned estate of any such debtor or debtors, to attend all meetings of creditors therein and to vote thereat, to receive all dividends in any such bankrupt, insolvent or assigned estate or to appoint a proxy or proxies for all or any of such matters and things as aforesaid, to compound or compromise any of the said debts, credits and premises, to execute any deed or deeds of assignment, composition or release, to exercise and put in force all and every or any of the powers, authorities, discretions, rights and remedies of the Society under any agreement or security now or hereafter to be held for the payment of the said debts, credits and premises or any part or parts thereof and generally to do, perform and execute all such further and other acts, deeds, matters and things which shall become necessary or be regarded by the said attorney as necessary for more satisfactorily securing the payment of the moneys hereby secured or as expedient in relation to the

316 S chedules . HOUSING. Home Builders * Assistance Act. 7 E liz . II. No. 28, 1958. premises as effectually as the Society could or might do the same and for all or any of the purposes aforesaid from time to time to appoint any substitute or substitutes and such substitute or substitutes at pleasure to remove and the Society hereby confirms and ratifies and promises at all times to confirm and ratify all and whatsoever the attorney may do and execute as aforesaid. 10. The Society shall make all such arrangements as will allow and the Treasurer or any officer or other person duly authorised respectively in that behalf by the Treasurer may at all reasonable times without fee inspect “ The State Government Account ” aforesaid of the Society, the Register of Mortgages and/or other securities hereinbefore mentioned and all or any securities taken by the Society from borrowers as aforesaid from the said “ The State Government Account ” and take extracts from or copies of the same or any part or parts thereof. 11. If the Society shall make default in the payment of any moneys payable by the Society to the Treasurer or interest thereon at the times and in the manner hereinbefore provided or shall fail to observe, perform, fulfil and keep all or any other of the covenants, conditions and stipulations herein contained on the part of the Society to be observed, performed, fulfilled and kept or if the Society ceases to carry on its business or if a petition is lodged or an order is made or a resolution is passed for the winding up of the Society or if a receiver of the undertaking or any part thereof of the Society is appointed or if at any time there is or are any unsatisfied judgment or judgments for any sum exceeding in all the sum of Five thousand pounds (£5,000) obtained against the Society in any Court of competent jurisdiction then and in any such case without prejudice to any other right or remedy of the Treasurer the whole of the moneys payable by the Society to the Treasurer hereunder together with interest thereon shall at the option of the Treasurer (and notwithstanding any delay or previous waiver of the right of the Treasurer to exercise such option) immediately become and be payable by the Society to the Treasurer and may be recovered by the Treasurer as any debt. I n W itness W hereof the parties hereto have executed these presents the day and year first hereinbefore written. S igned S ealed and D elivered by the"' said T he H onourable T homas A lfred H iley , the Treasurer of Queensland, for > and on behalf of the Government of Queensland in the presence of ^ T he C ommon S eal of .___________ __________^ ..........................................................was affixed > hereto by.............................................................. Directors in the presence of ^ Secretary.