Housing Loans Guarantees (Northern Territory) Act 1959
No. 47, 1959
An Act to facilitate the Borrowing of Money by Co‑operative Building Societies and Housing Authorities of the Northern Territory of Australia
Contents
1 Short Title
2 Commencement
3 Interpretation
4 Treasurer may guarantee loans
5 Delegation by Treasurer
Housing Loans Guarantees (Northern Territory) Act 1959
No. 47, 1959
An Act to facilitate the Borrowing of Money by Co‑operative Building Societies and Housing Authorities of the Northern Territory of Australia
[Assented to 22 May 1959]
The Parliament of Australia enacts:
1 Short Title
This Act may be cited as the Housing Loans Guarantees (Northern Territory) Act 1959.
2 Commencement
This Act shall come into operation on the day on which it receives the Royal Assent.
3 Interpretation
(1) In this Act, loan includes an advance by way of overdraft.
(2) In this Act, a reference to an Ordinance shall be deemed:
(a) if that Ordinance is amended—to be a reference to that Ordinance as amended; or
(b) if that Ordinance is repealed and remade, with or without modifications, by another Ordinance—to be a reference to that other Ordinance.
4 Treasurer may guarantee loans
(1) The Treasurer may, on behalf of the Commonwealth, guarantee the repayment to the lender of a loan (including interest on the loan) made to:
(a) a co‑operative building society registered under a law of the Northern Territory of Australia relating to co‑operative societies;
(b) the Commissioner for Housing holding office under the Housing Loans Ordinance 1949‑1956 of the Northern Territory of Australia; or
(c) the Housing Commission constituted by the Housing Ordinance 1959 of the Northern Territory of Australia.
(2) The terms and conditions of the guarantee shall be as agreed to between the Treasurer and the lender.
5 Delegation by Treasurer
(1) The Treasurer may, by instrument in writing, delegate to a person, either generally or otherwise as provided in the instrument of delegation, all or any of his powers and functions under this Act (except this power of delegation) so that the delegated powers and functions may be exercised and performed by the delegate in accordance with the instrument of delegation.
(2) A delegation under this section is revocable at will and does not prevent the exercise of a power or the performance of a function by the Treasurer.
Overview
The Housing Loans Guarantees (Northern Territory) Act 1959 was enacted to address the issue of facilitating borrowing of funds by co-operative building societies and housing authorities in the Northern Territory of Australia. This Act was introduced by the Parliament of Australia and received Royal Assent on 22 May 1959. The primary objective of this legislation is to enable the Treasurer to guarantee the repayment of loans to specified entities, thus ensuring a stable financial framework for housing and building societies in the Northern Territory. The Act allows for the Treasurer to delegate certain powers to ensure efficient administration of the guarantees provided under the Act.
Scope and Application
The Housing Loans Guarantees (Northern Territory) Act 1959 applies to facilitating the borrowing of money by specified entities in the Northern Territory. Specifically, it allows the Treasurer to guarantee the repayment of loans to co-operative building societies registered under Northern Territory law, the Commissioner for Housing under the Housing Loans Ordinance 1949-1956, or the Housing Commission established by the Housing Ordinance 1959. The terms and conditions of these guarantees are determined by agreement between the Treasurer and the lender. The Act extends to the Commonwealth of Australia and applies to the Northern Territory. The Treasurer has the authority to delegate their powers under the Act to another person, with the delegation being revocable at any time and not preventing the Treasurer from exercising their powers directly.
Key Provisions
The Housing Loans Guarantees (Northern Territory) Act 1959 (the "Act") is a legislative instrument designed to support housing finance for certain entities in the Northern Territory. Section 4 of the Act allows the Treasurer to guarantee the repayment of loans to specific entities. These entities include co-operative building societies registered under Northern Territory law, the Commissioner for Housing under the Housing Loans Ordinance 1949-1956, and the Housing Commission constituted under the Housing Ordinance 1959. The guarantee covers not only the principal amount of the loan but also any interest accrued on the loan. The terms and conditions of such guarantees are to be mutually agreed upon by the Treasurer and the lender.
Under Section 5, the Treasurer has the authority to delegate any of their powers and functions under the Act, except for the power to delegate itself, to another individual through a written instrument. This delegation can be general or specific, depending on the terms outlined in the delegation instrument. Importantly, any delegation is revocable at the Treasurer’s discretion and does not preclude the Treasurer from exercising their own powers or performing their own functions.
Breaching the provisions of this Act may lead to various civil or criminal consequences. While the Act does not explicitly detail specific offences or penalties, breaches of financial agreements or regulatory obligations could potentially result in legal actions under other relevant Australian laws. For instance, misrepresentation or fraudulent behaviour in the context of loan guarantees might be prosecuted under general fraud statutes, carrying significant penalties. Additionally, any failure to comply with the terms of the guaranteed loans might lead to financial liabilities and reputational damage for the entities involved.