Housing Loan Guarantee Act Amendment Act 1962 (WA)

No. 52.1 Housing Loan Guarantee. [1962.

HOUSING LOAN GUARANTEE.

11° Elizabeth II., No. LII.

No. 52 of 1962.

AN ACT to amend the Housing Loan Guarantee

Act, 1957-1961.

[Assented to 20th November, 1962.]

BE it enacted by the Queen's Most ExcellentMajesty, by and with the advice and consent of the Legislative Council and the Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:—

Short title

and citation 1. (1) This Act may be cited as the Housing

Loan Guarantee Act Amendment Act, 1962.

Repnnted as

In this Act the Housing Loan Guarantee Act, (3) The principal Act as amended by this Act may be cited as the Housing Loan Guarantee Act, 1957-1962.

approved for (2)

reprint 20th

June, 1962. 1957-1961, is referred to as the principal Act.

1962.] Housing Loan Guarantee. [No. 52.

Section three of the principal Act is amended by inserting after the word, "means" in line one of the interpretation, "new house", the passage, "a dwelling-house which is in the course of erection, or".

S. 3

amended.

2.

3.   Section seven A of the principal Act is am ceded

amended

(a)	by substituting for the full stop at the end of paragraph (b) of subsection (2), a semi- colon;
(b)	by adding after paragraph (b) of subsec- tion (2), the following paragraph

(c) the advancing of the amount of a loan by progress payments at specified stages of erection if the loan is made by the approved institution in respect of a new house that is a dwelling-house in the course of erection, and the furnishing in accordance with the provisions of subsection (2a) of this section of certificates by valuers. ; and

(c) by adding after subsection (2) the follow-

ing subsection

(2a) Where an approved institution proposes to make a loan in respect of a new house to be advanced by progress payments during the course of erection, it shall furnish to the Treasurer the certificate of a valuer appointed under this Act certifying that the amount of the proposed loan is not in excess of the relevant percentage, referred to in para- graph (b) of subsection (1) of section seven B of this Act, of the value as estimated by the valuer of the new house when completed in accordance with the plans and specifications as approved by the local authority, and shall also furnish at each stage of erection for which a

No. 52.] Housing Loan Guarantee. [1962.

progress payment is payable and on completion, a like certificate certifying that the amount of the loan then advanced (inclusive of the progress payment in respect of which the certifi- cate is furnished) does not exceed, if the new house is uncompleted, ninety per centum of the value of work done thereon, or, if completed, the relevant percentage mentioned in this subsection of the then value of the new house. .