State Housing Act Amendment Act 1971 (Qld)

948 Q iw rztslan^ ANNO VICESIMO ELIZABETHAE SECUNDAE REGINAE No. 76 of 1971 An Act to Amend The State Housing Acts 1945 to 1966 in certain particulars [ASSENTED TO 22ND DECEMBER, 1971) BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- 1. Short title and citation . (1) This Act may be cited as the State Housing Act Amendment Act 1971. (2) The State Housing Act of 1945 as amended from time to time is in this Act referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the State Housing Act1945-1971.

State Housing Act Amendment Act 1971, No. 76 949 2. Commencement . This Act shall be deemed to have commenced on the first day of July, 1971 and shall operate retrospectively accordingly. 3. Amendment of s. 3 . Section 3 of the Principal Act is amended by inserting after the words "PART VI-ARRANGEMENTS WITH THE COMMONWEALTH;" the words "PART VIA-ADVANCES TO APPROVED HOUSING INSTITUTIONS;". 4. New Part VIA. The Principal Act is amended by inserting after section 29 the following heading and section:- PART VIA-ADVANCES TO APPROVED HOUSING INSTITUTIONS 29A. Interpretation. In this Part, unless the contrary intention appears- " approved housing institution " means a society approved by the Minister and registered under the Co-operativeHousingSocietiesAct1958-1971 or the Building Societies Act 1886-1971: The term includes the Commission in the performance by it of functions referred to in paragraph (a) of subsection (3) of section 29B; " the account " means the approved housing institutions advances account created by this Part.". 5. New ss. 29B and 29C. The Principal Act is amended by inserting after section 29A as inserted by this Act the following sections:- " 29B. Approved housing institutions advances account . (1) There is hereby created at the Treasury an account called the "Approved housing institutions advances account ". (2) There shall be paid into the account- (a) all moneys appropriated by Parliament for the purposes of the account; (b) all moneys repaid or paid by approved housing institutions in respect of advances from the account or in respect of interest thereon; (c) such amounts of Commonwealth housing assistance grants as are determined by the Treasurer. (3) Moneys standing to the credit of the account shall not be expended except for or in relation to- (a) the making of loans to approved housing institutions for the purpose of providing finance to assist persons to have dwellings erected for themselves and their families or to purchase for themselves and their families

950 State Housing Act Amendment Act 1971, No. 76 newly erected dwellings which have not, before such purchase, been occupied by any person, provided that approved housing institutions shall not provide finance to assist any person who is the owner, or whose spouse, if any, is the owner, wholly or in part, of a dwelling in the State or elsewhere; (b) the repayment of moneys appropriated by Parliament and credited to the account and the.payment of interest in respect of those moneys; (c) the expenses of maintaining the account. 29C. Approval of loans from the account . (1) The Treasurer, on the recommendation of the Minister, may approve loans from the account to approved housing institutions for the purposes of paragraph (a) of subsection (3) of section 29B. (2) Every loan shall be subject to the execution by the approved housing institution of a deed in form acceptable to the Treasurer securing to the Treasurer the repayment of the loan and interest thereon and setting out the terms, conditions and requirements attaching to the loan and its repayment. (3) Terms, conditions and requirements in relation to the manner of repayment of the loan and the payment of interest, including the rate or rates of interest and the times for its payment, shall be determined by the Treasurer. (4) Subject to subsections (2) and (3), every loan shall be subject to such terms, conditions and requirements as are determined by the Minister from time to time and either generally or in any particular case.". 6. New ss. 29D and 29E. The Principal Act is amended by inserting after section 29c as inserted by this Act the following sections:- " 29D . Approved housing institutions authorized to receive loans. Notwithstanding anything contained in any Act whereunder an approved housing institution is constituted, incorporated or registered or in the constitution and rules thereof, the approved housing institution is authorized to accept any loan from the account for the purposes of paragraph (a) of subsection (3) of section 29B and to enter into and execute any deed pursuant to section 29c, and the borrowing powers of the approved housing institution are extended accordingly. 29E. Loan from the account charged on property and assets of borrower. Where a loan is made to an approved housing institution pursuant to section 29c, the Treasurer has in respect of all capital and interest moneys payable by that institution in

State Housing Act Amendment Act 1971, No. 76 951 respect of the loan a first charge upon the property and assets of the institution in priority to all other charges thereover or encumbrances thereon , whether they arose or were created before or arise or are created after the commencement of the State Housing Act Amendment Act 1971, save a prior charge created by section 8 of The Commonwealth and State Housing Agreement Act of 1956, section 7 of The Commonwealth and State Housing Agreement Act of 1961 or section 7 of The Commonwealth and State Housing Agreement Act of 1966.".