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LEGAL PROFESSION ACT 2006 - SECT 379 Transfer of mortgages to responsible entity

LEGAL PROFESSION ACT 2006 - SECT 379

Transfer of mortgages to responsible entity

    (1)     If a solicitor, in the solicitor's capacity as solicitor for a lender or contributor, is responsible for the administration of a regulated mortgage, the solicitor must not transfer the mortgage to a responsible entity for a managed investment scheme unless the lender or contributor has given the solicitor written authority to transfer the mortgage to the responsible entity.

    (2)     A contravention of this section can be professional misconduct.

    (3)     In this section:

"scheme property"—see the Corporations Act

, section 9 (Dictionary).

"transfer "a regulated mortgage to a responsible entity—a solicitor transfers a regulated mortgage to a responsible entity if the solicitor does anything that results in—

        (a)     a responsible entity for a managed investment scheme becoming the holder or custodian of the regulated mortgage; or

        (b)     any money advanced in relation to the mortgage, or the property that is charged or encumbered by the mortgage, becoming scheme property of a managed investment scheme.