Property Law Act 1958

Notwithstanding anything to the contrary in section 49 of the Supreme Court Act 1986 or in any rule of common law or equity the following contracts, whether entered into before or after the commencement of the Property Law (Loans to Minors) Act 1965 shall be as valid and binding on a minor for all purposes as if the minor were of full age at the time he entered into the contract, namely—

any contract at any time entered into by a minor member—

of a building society registered under the Building Societies Act 1986 or any corresponding previous enactment;

of a co-operative registered under the Co‑operatives National Law (Victoria) or any corresponding previous enactment;

of a co-operative housing society registered under the Co-operative Housing Societies Act 1958 or any corresponding previous enactment; and

of any industrial and provident society registered under the Industrial and Provident Societies Act 1958 or any corresponding previous enactment—

any contract at any time entered into by a minor—

with a building society registered under the Building Societies Act 1986 or any corresponding previous enactment; or

with an industrial and provident society registered under the Industrial and Provident Societies Act 1958 or any corresponding previous enactment—

A minor who has entered into any contract referred to in the last preceding subsection, whether before or after the commencement of the Property Law (Loans to Minors) Act 1965, shall not at any time be entitled on any ground relating to his minority or former minority to avoid any of his obligations under the contract or under any instrument executed by the minor whereby the repayment of any moneys lent or advanced is secured or to repudiate any contract transfer conveyance or assignment relating to any property charged by any such instrument.

Any instrument executed or purporting to have been executed by a minor by way of security for the repayment of any moneys lent or advanced or to be lent or advanced to the minor in pursuance of a contract of a kind referred to in subsection (1) of this section shall be as valid and effectual for all purposes as if the minor were of full age and capacity at the time he executed the instrument.

For the purposes of this section—

any reference in this section to a contract entered into by a minor shall be read and construed as including reference to a contract entered into by a minor jointly with some other person or persons (whether of full age or not);

any reference in this section to moneys lent or advanced or to be lent or advanced to a minor shall be read and construed as including reference to moneys lent or advanced or to be lent or advanced to the order of a minor or to a minor jointly with some other person or persons (whether of full age or not); and

any reference in this section to an instrument executed by a minor shall be read and construed as including reference to an instrument executed by a minor jointly with some other person or persons (whether of full age or not).