Permanent Building Societies (Amendment) Act 1986 (NSW)

PERMANENT BUII.DING SOCIETIES (AMENDMENT)

ACT 1986 No. 32

NEW SOUTH WALES

TABLE OF PROVISIONS

1.      Short tide

2.      Amendment of Act No. 18, 1967

SCHEDULE I—AMENDMENTS TO THE PERMANENT BUILDING SOCIETIES

ACT 1967

PERMANENT BUILDING SOCIETIES (AMENDMENT) ACT 1986

No. 32

NEW SOUTH WALES

Act No. 32, 1986

An Act to amend the Permanent Building Societies Act 1967 in relation to the making of certain regulations and orders under that Act. [Assented to 6 May 1986.]

Permanent Building Soeielies (Amendment) 1986

BE it enacted by the Queen’s Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows;

Short title

1, This Act may be cited as the “ Permanent Building Societies

(Amendment) Act 1986”.

Amendment of Act No. 18, 1967

2. The Permanent Building Societies Act 1967 is amended in the

manner set forth in Schedule L

SCHEDULE 1

(Sec. 2)

AMENDMENTS TO THE PERMANENT BUILDING SOCIETIES ACT

1967

(1) Section 4a (Primary objects)—

(a) Section 4a (2) (b)—

After “that are”, insert “ , with the concurrence of the Minister for Housing,”.

(b) Section 4a (2) (c)—

After “prescribed”, insert with the concurrence of the Minister

for Housing,” .

(c) Section 4a (5)—

After “Treasurer”, insert “and the Minister for Co-operative

Societies”.

(2) Section 11a (Minimum percentage of assets to be associated with

primary objects)—

(a) Section 1 1a (I), definition of “prescribed percentage”—

3   Act No. 32

Permanent Building Societies (Amendment) 1986

SCHEDULE 1— continued

AMENDMENTS TO THE PERMANENT BUILDING SOCIETIES ACT

1967— continued

In paragraph (b), after “may”, insert	with the concurrence of
the Minister for Housing,” .

(b) Section 1 1a (4)—

Omit “The regulations” , insert instead “If the Minister for

Housing concurs, the regulations”.

(3) Section 1 1b (Minimum percentage of loans to be seeured by mortgage

over owner-occupied residential land)—

Section I 1b (1), definition of “prescribed percentage”—

In paragraph (b), after “may” , insert	with the concurrence of
the Minister for Housing,” .