Residential Tenancies Act 1987 Regulation exempting certain residential tenancy agreements from Act (1990-134) [GG No 35 of 9.3.1990] (NSW)

1990 - NO. 134

RESIDENTIAL TENANCIES ACT 1987 - REGULATION

(Exempting certain residential tenancy agreements from Act)

NEW SOUTH WALES

[Published in Gazette No. 35 of 9 March 1990]

HIS Excellency the Governor, with the advice of the Executive Council, and in pursuance of the Residential Tenancies Act 1987, has been pleased to make the Regulation set forth hereunder.

JOE SCHIPP

Minister for Housing.

The Residential Tenancies Regulation 1989 is amended:
(a) by inserting after clause 30 (4) the following subclause:

(4A) Residential tenancy agreements that are entered into by a tenant with a person or persons approved by the Minister and form part of private equity purchase agreements are exempted from the operation of the Act.

(b) by inserting in clause 30 (6), in alphabetical order, the following definition:

"private equity purchase agreement" means a series of

agreements, in forms approved by the Minister, which include a residential tenancy agreement and provide for:

(a) the initial purchase by a person as a tenant in common of not less than 30 per cent of the interest in the residential premises with another person or other persons approved by the Minister who purchase the balance of the interest; and

1990 - NO. 134

(b) further purchases by the tenant from time to time of the other person’s or persons’ interest in the residential premises;

EXPLANATORY NOTE

The object of this Regulation is to amend the Residential Tenancies Regulation 1989 so as to exempt from the Residential Tenancies Act 1987 persons who enter into residential tenancy agreements as part of private equity purchase agreements approved by the Minister for Housing.