REAL PROPERTY ACT 1886 - SECT 201
REAL PROPERTY ACT 1886 - SECT 201
(1) There shall be a
fund kept at the Treasury entitled Real Property Act Assurance Fund .
(2) The Assurance Fund
shall have credited to it—
(a) any
moneys advanced by the Treasurer under subsection (3) (not being moneys
that have been repaid to the Treasurer in accordance with the terms of the
advance); and
(b) the
moneys paid by way of assurance levy by virtue of the regulations; and
(c) any
interest that may from time to time accrue to the Fund.
(3) The Treasurer may
advance moneys to the Assurance Fund by way of grant, or on a temporary basis.
(4) Moneys standing to
the credit of the Assurance Fund shall be applied for the purposes of this
Part, but if those moneys are not immediately required for the purposes of
this Part, the Treasurer may advance the whole or part of those moneys to the
Consolidated Account and, in that event—
(a) if
any payment is to be made from the Fund and the Balance of the Fund is
insufficient to meet that payment, the advance shall be repaid to such extent
as is necessary to supply the deficiency; and
(b) any
amount advanced to the Consolidated Account shall bear interest at the rate of
10 per centum per annum, or such other rate as may be prescribed.
(5) The regulations
may—
(a)
prescribe an assurance levy not exceeding the amount of Two dollars per
instrument to be paid in addition to the fees, or particular classes of fees,
payable in relation to the registration of any, or all, of the following
instruments:
(i)
transfers on the sale of land under Part 10;
(ii)
leases and surrenders of leases under Part 11;
(iii)
mortgages and discharges of mortgage under Part 12; and
(b)
exempt prescribed persons, or persons of a prescribed class, from payment of
the assurance levy.
(6) The
Registrar-General shall keep a separate account of all moneys received by him
by way of assurance levy.
(7) The regulations
prescribing an assurance levy under this section shall expire on the
thirty-first day of December, 1988, and thereafter an assurance levy shall not
be payable by virtue of this Part.