Housing Loans Insurance Regulations (Amendment) (Cth)

STATUTORY RULES

1968 No.

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REGULATION UNDER THE HOUSING LOANS INSURANCE ACT 1965-1966.*

I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulation, being a regulation in accordance with a recommendation made to the Minister of State for Housing by the Housing Loans Insurance Corporation, under the Housing Loans Insurance Act 1965-1966.

Dated this eighth day of March, 1968.

CASEY

Governor-General.

By His Excellency’s Command,

Minister of State for Housing.

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Amendment of the Housing Loans Insurance Regulations 

After regulation 5 of the Housing Loans Insurance Regulations the following regulation is inserted:—

Residence areas.

“5a.—(1.) In this regulation—

‘encumbrance’, in relation to a right to occupy Crown Land, means an encumbrance over the right given under the Land (Residence Areas) Act 1935 or the Land Act 1958 by the holder of the right by virtue of which the right to occupy Crown Land is charged as security for the repayment of a debt, and includes a lien under the Land (Residence Areas) Act 1935 or the Land Act 1958 over such a right given by the holder of the right;

‘registered’ means registered under the Land (Residence Areas) Act 1935 or the Land Act 1958;

‘right to occupy Crown Land’ means a right to occupy Crown Land in the State of Victoria as a residence area granted under section 6 of the Land (Residence Areas) Act 1935 or section 165 of the Land Act 1958, being such a right that has not been cancelled; and

‘the Land Act 1958’ means the Land Act 1958 of the State of Victoria or that Act as amended at any time.

‘the Land (Residence Areas) Act 1935’ means the Land (Residence Areas) Act 1935 of the State of Victoria or that Act as amended at any time.

“(2.) An interest as holder of a right to occupy Crown Land is declared to be a prescribed interest for the purpose of the Act.

 

* Notified in the Commonwealth Gazette on 14 March 1968.

  Statutory Rules 1966, No. 74, as amended by Statutory Rules 1967, No. 8.

12486/67—Price 5c  9/23.2.1968

 

“(3.) For the purposes of the definition of ‘approved security’ in sub-section (1.) of section 4 of the Act, an interest as holder of a right to occupy Crown Land—

(a) is, for the purposes of each prescribed class of insurable loans other than class 20, class 21, class 22, class 23 and class 31, specified in respect of a first registered encumbrance, or an encumbrance that will, upon being registered, become a first registered encumbrance, of a right to occupy Crown Land; and

(b) is, for the purposes of class 44, class 46, class 48 and class 50, specified in respect of a second encumbrance of a right to occupy Crown Land.

“(4.) In the last preceding sub-regulation, ‘second encumbrance’ means—

(a) an encumbrance registered under the Land (Residence Areas) Act 1935 or the Land Act 1958 and having priority subject only to one other registered encumbrance; or

(b) an encumbrance that will, upon registration under the Land (Registered Areas) Act 1935 or the Land Act 1958, take priority subject only to one other registered encumbrance.”.

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By Authority: A. j. Arthur, Commonwealth Government Printer, Canberra