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DUTIES ACT 2000 - SECT 171 Certain debentures and related instruments

DUTIES ACT 2000 - SECT 171

Certain debentures and related instruments

    (1)     Mortgage duty is not chargeable on a mortgage solely securing the repayment of advances arising from the issue by a financial corporation or a related corporation of a debenture.

    (2)     Mortgage duty is not chargeable on a mortgage in respect of advances arising from the issue by a financial corporation or a related corporation of a debenture if the mortgage secures in part the repayment of those advances.

    (3)     This section applies to a debenture issued, or a mortgage executed, by a related corporation only in so far as the debenture is issued, or the mortgage is executed, for the purposes of raising funds to be used for a financial corporation.

    (4)     In this section—

"financial corporation" means a corporation whose sole or principal business is providing finance to the public, including making loans to the public;

S. 171(4) def. of

related corporation amended by No. 44/2001 s. 3(Sch. item 32.7).

"related corporation", in relation to a particular financial corporation means a corporation that is, with respect to the financial corporation, a related body corporate within the meaning of the Corporations Act.

Part 5—Miscellaneous