Property Agents and Land Transactions Amendment Act 2012 (TAS)

Property Agents and Land Transactions Amendment Act 2012

An Act to amend the Property Agents and Land Transactions Act 2005

[Royal Assent 12 July 2012]

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

1Short titleThis Act may be cited as the Property Agents and Land Transactions Amendment Act 2012 . 2CommencementThis Act commences on a day to be proclaimed. 3Principal ActIn this Act, the Property Agents and Land Transactions Act 2005 is referred to as the Principal Act. 4Section 162 amended (Board may enter into schemes of arrangement) Section 162 of the Principal Act is amended as follows: (a) by inserting in subsection (1) "for the purposes of this Act and trust accounts for the purposes of the Conveyancing Act 2004 " after "accounts"; (b) by inserting in subsection (3)(a) "for the purposes of this Act and of interest on money held in trust accounts for the purposes of the Conveyancing Act 2004 " after "accounts". 5Section 165 amended (Level of Guarantee Fund) Section 165 of the Principal Act is amended by omitting "or the Conveyancing Act 2004 ". 6Section 169 amended (Right to claim compensation) Section 169(2) of the Principal Act is amended by omitting "the Council" and substituting "the Board". 7Section 213A insertedAfter section 213 of the Principal Act , the following section is inserted in Part 11: 213AValidation of certain schemes of arrangement A scheme of arrangement that – (a) was entered into, or purportedly entered into, under section 162 , before the commencement of the Property Agents and Land Transactions Amendment Act 2012   (the amending Act); and (b) was, in whole or in part, a scheme or arrangement for the keeping of trust accounts, within the meaning of the Conveyancing Act 2004 , by conveyancers; and (c) was in operation before the commencement of the amending Act – is not to be taken to be, or to have been, invalid by reason only that the arrangement could not have been, in relation to the keeping of such trust accounts, entered into under this Act before the commencement of the amending Act. 8Repeal of ActThis Act is repealed on the ninetieth day from the day on which it commences.

[Second reading presentation speech made in:

House of Assembly on 17 APRIL 2012

Legislative Council on 28 JUNE 2012]