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This is a Bill, not an Act. For current law, see the Acts databases.
Queensland
STATE HOUSING
AMENDMENT BILL (No. 2)
2000
Queensland
STATE HOUSING AMENDMENT
BILL (No. 2) 2000
TABLE OF PROVISIONS
Section Page
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
3 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
4 Insertion of new pt 6C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
PART 6C--TERMINATION OF HOUSING TRUSTS
29I Definitions for pt 6C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
29J Termination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
29K Transfer of assets and liabilities to commission . . . . . . . . . . . . . . . . 5
29L References in documents to public trustee . . . . . . . . . . . . . . . . . . . . 5
29M Recording of transfer of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
29N Powers of commission under certain transferred mortgages . . . . . . . 6
29O Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
29P Unpaid remuneration or expenses of trustee under trusts . . . . . . . . . 7
29Q Costs of termination of trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
29R Part applies despite other laws, instruments etc. . . . . . . . . . . . . . . . 7
5 Insertion of new s 32AC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
32AC Interest rates for advances under transferred mortgages . . . . . . . . . . 8
6 Amendment of s 32A (Interest rates payable by borrowers and
purchasers in respect of certain advances and contracts of sales,
determined by Minister) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
2000
A BILL
FOR
An Act to amend the State Housing Act 1945
s1 4 s4
State Housing Amendment (No. 2)
The Parliament of Queensland enacts-- 1
title 2
Short
Clause 1. This Act may be cited as the State Housing Amendment Act (No. 2) 3
2000. 4
5
Commencement
Clause 2. This Act commences on 30 June 2000. 6
amended 7
Act
Clause 3. This Act amends the State Housing Act 1945. 8
of new pt 6C 9
Insertion
Clause 4. After section 29H-- 10
insert-- 11
ART 6C--TERMINATION OF HOUSING TRUSTS 12
`P
for pt 6C 13
`Definitions
`29I. In this part-- 14
"housing trusts" means the following trusts-- 15
(a) the Home Trust established by a deed, dated 27 June 1991, 16
entered into by the commission and public trustee; 17
(b) the Home Shared Trust established by a deed, dated 27 June 18
1991, entered into by the commission and public trustee; 19
(c) the Queensland Housing Trust. 20
"public trustee" means The Public Trustee of Queensland. 21
"Queensland Housing Trust" means the trust established by a deed dated 22
30 June 1992, that amended a deed dated 28 June 1990 establishing the 23
s4 5 s4
State Housing Amendment (No. 2)
Queensland Housing Trust No. 2, entered into by the commission and 1
public trustee. 2
"transfer time" means the time immediately before midnight on 30 June 3
2000. 4
"trust assets" means the assets held, at the transfer time, by the public 5
trustee under the housing trusts. 6
"trust liabilities" means the liabilities, at the transfer time, of the public 7
trustee under the housing trusts. 8
9
`Termination
`29J. The housing trusts are terminated at the transfer time. 10
of assets and liabilities to commission 11
`Transfer
`29K.(1) At the transfer time-- 12
(a) the trust assets are transferred to the commission and become 13
assets of the commission; and 14
(b) the trust liabilities are transferred to the commission and are 15
assumed by the commission. 16
`(2) Without limiting subsection (1) and despite the Land Title Act 1994, 17
all the rights, powers, privileges and liabilities of the public trustee in 18
relation to the trust assets vest in the commission at the transfer time. 19
in documents to public trustee 20
`References
`29L.(1) This section applies after the transfer time. 21
`(2) A reference in a document, relating to the trust assets or trust 22
liabilities, to the public trustee may, if the context permits, be taken as a 23
reference to the commission. 24
of transfer of assets 25
`Recording
`29M.(1) A certificate signed by the chief executive is evidence of a trust 26
asset having become an asset of the commission at the transfer time if the 27
s4 6 s4
State Housing Amendment (No. 2)
certificate-- 1
(a) identifies the trust asset; and 2
(b) states the trust asset became an asset of the commission under 3
section 29K. 4
`(2) If the certificate is given to an entity with registration functions for 5
assets of that kind under a law of the State, the entity must give effect to the 6
certificate. 7
8
Example of an `entity with registration functions'--
9
· the registrar of titles.
`(3) However, the entity is not required under subsection (2) to register 10
the transfer of the trust assets. 11
`(4) No fee or charge, under an Act, is payable to the entity for 12
performing the act mentioned in subsection (2). 13
of commission under certain transferred mortgages 14
`Powers
`29N.(1) This section applies to QHC mortgages transferred in equity by 15
the commission to the public trustee under the trust deed for the Queensland 16
Housing Trust (the "transferred mortgages"). 17
`(2) To remove doubt, it is declared that on the termination of the 18
Queensland Housing Trust, under section 29J, the commission has the 19
rights, powers, privileges and liabilities, in relation to the transferred 20
mortgages, the commission had under the Act before the transfer of the 21
mortgages. 22
`(3) In this section-- 23
"QHC mortgages" means mortgages securing advances made by the 24
commission under this Act. 25
26
`Proceedings
`29O.(1) A proceeding by or against the public trustee, relating to the 27
housing trusts, that is not finished at the transfer time may be continued or 28
discontinued by or against the commission. 29
`(2) A proceeding that could have been started by or against the public 30
s4 7 s4
State Housing Amendment (No. 2)
trustee before the transfer time, relating to the housing trusts, may be 1
started, continued and finished by or against the commission. 2
remuneration or expenses of trustee under trusts 3
`Unpaid
`29P.(1) This section applies if, at the transfer time, there is any 4
outstanding remuneration or expenses payable to the public trustee under a 5
housing trust. 6
`(2) The commission must pay the public trustee the outstanding 7
remuneration or expenses as soon as practicable after the transfer time. 8
of termination of trusts 9
`Costs
`29Q.(1) The public trustee must pay, from money held by the public 10
trustee under a housing trust, the expenses relating to the termination of the 11
trust under section 29J. 12
`(2) Subsection (3) applies after the termination of a housing trust under 13
section 29J. 14
`(3) The commission is liable for any expenses, relating to the 15
termination of the trust, not paid under subsection (1). 16
applies despite other laws, instruments etc. 17
`Part
`29R.(1) This part applies despite another Act, an instrument or oral 18
agreement. 19
`(2) Nothing done under this part-- 20
(a) makes a person liable for-- 21
(i) a civil wrong or contravention of a law of the State; or 22
(ii) a breach of a confidence or contract; or 23
(b) releases a surety's obligations, wholly or in part. 24
`(3) If apart from this section a person's consent would be necessary to 25
give effect to this part, the consent is taken to have been given.'. 26
s5 8 s6
State Housing Amendment (No. 2)
of new s 32AC 1
Insertion
Clause 5. After section 32AB-- 2
insert-- 3
rates for advances under transferred mortgages 4
`Interest
`32AC.(1) This section applies to an advance made under a transferred 5
mortgage. 6
`(2) If the terms of the advance state that interest is payable on the unpaid 7
balance of the advance at a variable interest rate, the rate is the standard 8
variable interest rate. 9
`(3) In this section-- 10
"transferred mortgage" means a mortgage, securing an advance made by 11
The Public Trustee of Queensland, transferred to the commission 12
under section 29K.1 13
"variable interest rate" includes an interest rate that is, under the terms of 14
the advance, to be notified by the mortgagee under the mortgage to the 15
mortgagor under the mortgage.'. 16
of s 32A (Interest rates payable by borrowers and 17
Amendment
purchasers in respect of certain advances and contracts of sales, 18
determined by Minister) 19
Clause 6.(1) Section 32A, heading, `sales, determined by Minister'-- 20
omit, insert-- 21
`sale'. 22
(2) Section 32A, from `such rate' to `Treasurer'-- 23
omit, insert-- 24
`the interest rate stated in subsection (2)'. 25
(3) Section 32A-- 26
insert-- 27
`(2) The interest rate is-- 28
1 Section 29K (Transfer of assets and liabilities to commission)
s6 9 s6
State Housing Amendment (No. 2)
(a) if the terms of the advance or contract of sale state that the interest 1
is payable at a fixed interest rate--the fixed interest rate; or 2
(b) otherwise--the standard variable interest rate.'. 3
4
© State of Queensland 2000
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