Housing Loans Insurance Regulations (Amendment) (Cth)

Statutory Rules 1985 No. 1111

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Housing Loans Insurance Regulations2

(Amendment)

WHEREAS it is provided by sub-section 47 (2) of the Housing Loans Insurance Act 1965 amongst other things that, after the Housing Insurance Corporation commences to carry on business, regulations specifying kinds of loss for the purposes of paragraph 17 (2) (b) of that Act, or any regulations amending or repealing any such regulations, shall not be made unless the regulations are in accordance with a recommendation made to the Minister by the Corporation:

AND WHEREAS the Housing Loans Insurance Corporation commenced to carry on business on 26 November 1965:

AND WHEREAS, the Housing Loans Insurance Corporation has made a recommendation to the Minister of State for Housing and Construction that regulations be made specifying a kind of loss for the purposes of paragraph 17 (2) (b) of that Act:

NOW THEREFORE I, the Administrator of the Government of the Commonwealth of Australia, acting with the advice of the Federal Executive Council and in accordance with that recommendation, pursuant to section 4 of the Acts Interpretation Act 1901,hereby make the following Regulation under the Housing Loans Insurance Act 1965.

Dated 13 June 1985.

JAMES RAMSAY

Administrator

By His Excellency’s Command,

STEWART WEST

Minister of State for Housing and Construction

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

Specified loss—paragraph 17 (2) (b) of the Act

“5a. For the purposes of paragraph 17 (2) (b) of the Act, a loss directly or indirectly attributable to default by a mortgagor in respect of an approved security relating to a negotiable mortgage security issued by an approved dealer is specified.”.

 

NOTES

1. Notified in the Commonwealth of Australia Gazette on 14 June 1985.

2. Statutory Rules 1978 No. 77 as amended by 1980 No. 17.