Real Property Act 1886

There shall be a fund kept at the Treasury entitled Real

The

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

the moneys paid by way of assurance levy by virtue of the regulations;

any interest that may from time to time accrue to the Fund.

The

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—

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

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.

The regulations may—

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:

transfers on the sale of land under Part

leases and surrenders of leases under Part

mortgages and discharges of mortgage under Part

exempt prescribed persons, or persons of a prescribed class, from payment of the assurance levy.

The

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.