Housing Loans Guarantees (Australian Capital Territory) Act 1959

No. 46, 1959

An Act to facilitate the Borrowing of Money by Co-operative Building Societies and the Commissioner for Housing of the Australian Capital Territory

Contents

1 Short title 2

2 Commencement 2

3 Interpretation 2

4 Treasurer may guarantee loans 2

5 Delegation by Treasurer 3

Housing Loans Guarantees (Australian Capital Territory) Act 1959

No. 46, 1959

An Act to facilitate the Borrowing of Money by Co-operative Building Societies and the Commissioner for Housing of the Australian Capital Territory

[Assented to 22 May 1959]

The Parliament of Australia enacts:
1 Short title

This Act may be cited as the Housing Loans Guarantees (Australian Capital Territory) Act 1959.

2 Commencement

This Act shall come into operation on the day on which it receives the Royal Assent.
3 Interpretation 1

In this Act:

loan includes an advance by way of overdraft.

 2

(2) The reference in the next succeeding section to the Housing Ordinance 1928-1957 of the Australian Capital Territory shall be deemed:

 a

if that Ordinance is amended—to be a reference to that Ordinance as amended; or

 b

if that Ordinance is repealed and remade, with or without modifications, by another Ordinance—to be a reference to that other Ordinance.
4 Treasurer may guarantee loans 1

The Treasurer may, on behalf of the Commonwealth, guarantee the repayment to the lender of a loan (including interest on the loan) made to:

 a

a co-operative building society registered under a law of the Australian Capital Territory relating to co-operative societies; or

 b

(b) the Commissioner for Housing holding office under the Housing Ordinance 1928-1957 of the Australian Capital Territory.

 2

The terms and conditions of the guarantee shall be as agreed to between the Treasurer and the lender.
5 Delegation by Treasurer 1

The Treasurer may, by instrument in writing, delegate to a person, either generally or otherwise as provided in the instrument of delegation, all or any of his powers and functions under this Act (except this power of delegation) so that the delegated powers and functions may be exercised and performed by the delegate in accordance with the instrument of delegation.

 2

A delegation under this section is revocable at will and does not prevent the exercise of a power or the performance of a function by the Treasurer.