DUTIES ACT 2001 - SECT 283 Exemption—particular debentures and instruments of trust

DUTIES ACT 2001 - SECT 283

283 Exemption—particular debentures and instruments of trust

(1) Mortgage duty is not imposed on an exempt short-term debenture.

(2) Mortgage duty is not imposed on a mortgage that is—

(a) a debenture issued by a financial corporation or related corporation of a financial corporation under an instrument of trust—

(i) to which the financial corporation or related corporation is a party; and

(ii) that protects the interests of the holders of the debentures; or

(b) a debenture issued by a financial corporation or related corporation of a financial corporation, the repayment for which is secured by a mortgage given by the financial corporation or related corporation; or

(c) an instrument of trust—

(i) to which a financial corporation or related corporation of a financial corporation is a party; and

(ii) that protects the interests of the holders of debentures issued under the instrument of trust.

(3) Mortgage duty is not imposed on a mortgage given by a financial corporation or a related corporation of a financial corporation to secure the repayment of debentures issued by the financial corporation or related corporation.

(4) This section applies to debentures issued, a mortgage given or an instrument of trust signed, by a related corporation of a financial corporation only so far as the debentures are issued, the mortgage is given or the instrument of trust is signed, for raising funds to be used by the financial corporation.

(5) In this section—


"financial corporation" means a corporation whose sole or principal business is providing finance to the public.


"related corporation" , of a financial corporation, means a corporation that is a related body corporate of the financial corporation.