Commonwealth Numbered Acts

DEFENCE SERVICE HOMES AMENDMENT ACT 1977 No. 79 of 1977 - SECT 9

9. Section 30 of the Principal Act is amended by omitting sub- section (4) and
substituting the following sub-section:-

''(4) Subject to sub-section (5), where-

   (a)  a purchaser or borrower has, at any time (whether before or after the
        commencement of this sub-section), paid to the Corporation the balance
        of the moneys outstanding under a contract of sale or advance under
        this Act, being moneys that, at the time of payment, were not due and
        payable; and

   (b)  the Corporation, by virtue of an approval given by the Minister under
        section 19B or 20A (not being an approval given before 18 September
        1974), has entered, or enters, into a further contract of sale or
        advance with the person who was the purchaser or borrower referred to
        in paragraph (a), the rate of interest to be charged to the person in
        relation to that further contract of sale or advance, in respect of-

   (c)  where the amount of advance is greater than the amount of the balance
        of the moneys referred to in paragraph (a)-that part of the amount of
        advance that is equal to the amount of that balance; or

   (d)  in any other case-the whole of the amount of advance, is the rate of
        interest that, at the time when that balance was paid to the
        Corporation, was payable in respect of that balance, and, in the case
        referred to in paragraph (c) of this sub-section, the rate of interest
        to be charged to the person in respect of the remainder of the amount
        of advance is the prescribed rate.''.