Trustees (Housing Loans) Act of 1967 (Qld)

167 Q llt'E115Iaktlr ANNO SEXTO DECIMO ELIZABETHAE SECUNDAE REGINAE No. 25 of 1967 An Act to Make Provision with respect to the Making by Trustees of Loans in respect of which Contracts of Insurance against Loss are entered into pursuant to the HousingLoansInsuranceAct 1965- 1966 of the Commonwealth [ASSENTED TO 3RD NOVEMBER, 1967] 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. This Act may be cited as " The Trustees (Housing Loans) Act of 1967." 2. Interpretation . (1) In this Act, " Commonwealth Act " means the Housing Loans Insurance Act1965-1966 of the Commonwealth, and includes that Act as amended from time to time and any Commonwealth Act passed in substitution for that Act. (2) In this Act, the expressions- (a) approved lender; (b) approved security; (c) contract of insurance; (d) insurable loan; and (e) the Corporation, have the meanings assigned to them respectively by the Commonwealth Act.

168 Trustees ( Housing Loans ) Act of 1967, No. 25 3. Powers of trustees in relation to housing loans. (1) Notwithstanding any other law or rule of law relating to the powers, duties, or liabilities of, or the investment of trust moneys by, trustees or by any particular trustee or class of trustees , a trustee who is an approved lender may, unless expressly forbidden by the instrument, if any, creating the trust, for the purpose of making an insurable loan lend on an approved security such amount as the trustee thinks fit, but not exceeding in any case such amount as is the subject of a contract of insurance in respect of the loan entered into by the Corporation pursuant to the provisions of the Commonwealth Act. (2) Where a trustee lends money on an approved security in accordance with the provisions of subsection (1) of this section, the trustee is not chargeable with breach of trust by reason only of the proportion borne by the amount of the loan to the value of the property on which the loan is secured. (3) The powers conferred on a trustee by this section are in addition to the powers conferred by the instrument, if any, creating the trust or by any other law that is applicable to the trustee. (4) In the foregoing provisions of this section,- (a) the term " trustee " includes any body corporate which is authorized by or under any Act to invest moneys in any manner permitted to a trustee by the law relating to the investment of moneys by trustees; and (b) the term, " instrument " includes an Act.