Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Repeal Act 2006
No. 140, 2006
An Act to repeal the Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996, and for related purposes
Contents
1 Short title
2 Commencement
3 Schedule(s)
Schedule 1—Repeal
Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996
Schedule 2—Compensation
Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Repeal Act 2006
No. 140, 2006
An Act to repeal the Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996, and for related purposes
[Assented to 30 November 2006]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Repeal Act 2006.
2 Commencement
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information |
Column 1 | Column 2 | Column 3 |
Provision(s) | Commencement | Date/Details |
1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table | The day on which this Act receives the Royal Assent. | 30 November 2006 |
2. Schedules 1 and 2 | The later of: (a) the day after this Act receives the Royal Assent; and (b) the vesting day (within the meaning of the Housing Loans Insurance Corporation (Transfer of Pre‑transfer Contracts) Act 2006). However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur. A copy of the instrument that declares the vesting day must be published in the Gazette (see section 5 of the Housing Loans Insurance Corporation (Transfer of Pre‑transfer Contracts) Act 2006). | (paragraph (b) applies) |
Note: This table relates only to the provisions of this Act as originally passed by both Houses of the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent.
(2) Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Repeal
Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996
1 The whole of the Act
Repeal the Act.
Schedule 2—Compensation
1 Compensation for acquisition of property
(1) If the operation of item 1 of Schedule 1 would result in an acquisition of property from a person otherwise than on just terms, the Commonwealth is liable to pay a reasonable amount of compensation to the person.
(2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.
(3) The Consolidated Revenue Fund is appropriated for the purposes of this item.
(4) In this item:
acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.
just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.
[Minister’s second reading speech made in—
House of Representatives on 13 September 2006
Senate on 11 October 2006]
Overview
The Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Repeal Act 2006 is an Act of the Parliament of Australia that repeals the Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996. The primary objective of this Act is to address the need for the abolition of the Housing Loans Insurance Corporation (HLIC) and the transfer of its assets. The 2006 Act ensures that the HLIC is formally abolished and its functions and assets are transferred to other entities in a manner that maintains the stability and integrity of the housing finance sector. The repeal of the 1996 Act is part of a broader legislative reform aimed at modernising the financial sector by eliminating outdated institutions and streamlining operations. The Act also provides for compensation for the acquisition of property, ensuring that affected parties receive reasonable compensation if the repeal results in the acquisition of their property without just terms, as defined in the Constitution. This compensation mechanism is crucial to address any potential legal or financial impacts on stakeholders as a result of the abolition of the HLIC.
Scope and Application
The Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Repeal Act 2006 applies to the repeal of the Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996 and related purposes. The Act covers the repeal of the specified 1996 Act, including its provisions and any consequential amendments required in other legislation. The geographic and jurisdictional reach of the Act is at the Commonwealth level, as it is an Act of the Parliament of Australia. The Act applies to the persons and entities involved in the transfer and abolition of the Housing Loans Insurance Corporation, as well as any associated transactions and conduct. There are no stated exclusions or exemptions within the Act, although compensation provisions are included for acquisitions of property from persons otherwise than on just terms, as per constitutional requirements. The Act may be extended or restricted in application through subordinate instruments, though these are not detailed in the provided text. The commencement of the Act is staggered, with certain provisions taking effect upon Royal Assent on 30 November 2006, while other provisions commence on the later of the day after Royal Assent or the vesting day as declared under the Housing Loans Insurance Corporation (Transfer of Pre-transfer Contracts) Act 2006.
Key Provisions
This Act, the Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Repeal Act 2006, serves to repeal the Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996. This repeal, detailed in Schedule 1, is effective from the later of the day after the Act receives Royal Assent and the vesting day under the Housing Loans Insurance Corporation (Transfer of Pre-transfer Contracts) Act 2006, provided the vesting day occurs. The Act itself comes into effect on 30 November 2006, the date it receives Royal Assent. The primary objective of the Act is to formally remove the 1996 Act from the statute books, effectively abolishing the Housing Loans Insurance Corporation and transferring its functions and assets as stipulated in previous legislation.
Under the Act, certain obligations are imposed on the Commonwealth. Most notably, if the repeal results in the acquisition of property from a person without just terms, the Commonwealth must compensate the affected individual. This compensation must be a reasonable amount, determined either through mutual agreement between the Commonwealth and the individual or through court proceedings if an agreement cannot be reached. The Consolidated Revenue Fund has been appropriated to cover these compensation payments. These provisions are outlined in Schedule 2, which also references the Constitution for definitions of 'acquisition of property' and 'just terms.'
In terms of consequences for non-compliance, the Act does not explicitly create new offences or penalties. However, if the Commonwealth fails to compensate an individual for the acquisition of property without just terms, the individual has the right to seek compensation through a court of competent jurisdiction. The court will determine the reasonable amount of compensation, and the Commonwealth will be liable to pay this amount. While the Act does not detail specific maximum penalties, it ensures that the Commonwealth's liability for compensation is legally enforceable, providing a safeguard for individuals affected by the repeal.