Certain debentures and related instruments
171 Certain debentures and related instruments
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.
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.
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.
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.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.