Queensland Consolidated Regulations Queensland Consolidated Regulations(1) This section applies to--
(a) the home ownership scheme operated by the Mt Newman Joint Venturers, being BHP Billiton Minerals Pty Ltd ACN 008 694 782, Mitsui-Itochu Iron Pty Ltd ACN 088 702 761 and CI Minerals Australia Pty Ltd ACN 009 256 259; and
(b) the home ownership scheme operated by the Mount Goldsworthy Mining Associates Joint Venturers, being BHP Billiton Minerals Pty Ltd ACN 008 694 782, Mistsui Iron Ore Corporation Pty Ltd ACN 050 157 456 and CI Minerals Australia Pty Ltd ACN 009 256 259;
that assist employees, whether alone or jointly with 1 or more other persons, to purchase land owned respectively by the Mt Newman Joint Venturers and the Mount Goldsworthy Mining Associates Joint Venturers.
(2) Section 46(1) of the Code does not apply to any mortgage created over an interest that is acquired by an employee under a contract for the purchase of land entered into by the employee, whether alone or jointly with 1 or more other persons, under a home ownership scheme to which this section applies.
(3) In this section--
employee means--
(a) if BHP Billiton Iron Ore Pty Ltd ACN 008 700 981 is the manager of the Mt Newman Joint Venture or the Mount Goldsworthy Mining Associates Joint Venture--an employee of that corporation or an employee of a corporation that is a related body corporate within the meaning of the Corporations Act in relation to BHP Billiton Iron Ore Pty Ltd; or
(b) if BHP Billiton Iron Ore Pty Ltd ceases to manage the Mt Newman Joint Venture or the Mount Goldsworthy Mining Associates Joint Venture--an employee of the person for the time being exercising the functions of the manager of the Mt Newman Joint Venture or of the Mount Goldsworthy Mining Associates Joint Venture.
Note--
Section 46 of the Code provides that a mortgage cannot be created over employees' remuneration or employment benefits or benefits under a superannuation scheme unless the regulations permit it to do so.