HOUSING ACT 1980 - SECT 64

HOUSING ACT 1980 - SECT 64

64 .         Provisions as to debentures and inscribed stock

        (1)         Debentures or inscribed stock shall not be issued by the Authority otherwise than —

            (a)         in a form authorised by the Treasurer; or

            (b)         as may be prescribed.

        (2)         Interest secured by any debenture is payable half yearly or on such other dates as are specified in the debenture at the rate and in the manner therein specified.

        (3)         No notice of any trust, express, implied or constructive, shall be received by the Authority or by an officer of the Authority in relation to a debenture or any inscribed stock issued pursuant to this Act, and the Authority or the officer is not bound to see to the execution of any trust to which a debenture or inscribed stock may be subject.

        (4)         A person advancing money to the Authority and receiving in consideration of the advance a debenture or inscribed stock issued under this Act is not bound to inquire into the application of the money advanced and is not in any way responsible for the non-application or misapplication thereof.

        (5)         The Authority may pay brokerage in relation to any loan in respect of which a debenture or inscribed stock is issued.

        (6)         The Authority shall cause a register of debentures to be kept and within a reasonable time after the issue of a debenture shall cause to be made an entry in the register specifying the date, terms and amount of the debenture and, in the case of a debenture other than a bearer debenture, the holder of the debenture.

        (7)         Regulations made under this Act may make provision for the creation and issue of inscribed stock and in relation to the transfer or transmission of, and dealings in, inscribed stock.

        [Section 64 inserted: No. 62 of 1983 s. 5; amended: No. 28 of 2006 s. 332.]