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©State of Queensland
QUEENSLAND
QUEENSLAND PERMANENT BUILDING SOCIETY ACT 1977, No. 60
[Reprinted as at 1 May, 1981]
An Act to provide for the control of the affairs of the Queensland Permanent Building Society and for related purposes
[Assented to 7 October, 1977]
BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:-
PART I-PRELIMINARY
1. Short title. This Act may be cited as the Queensland Permanent Building Society Act 1977.
2. Arrangement of Act. This Act is arranged in Parts as follows:-
PART I-PRELIMINARY (ss. 1-3);
PART II-INCORPORATION OF CONTINGENCY FUND COMMITTEE
(ss. 4-5);
PART III-THE SociETY IN LIQUIDATION (ss. 6-17);
PART IV-THE SOCIETY UNDER ADMINISTRATION (ss. 18-29);
PART V-GENERAL PROVISIONS (ss. 30-32).
3. Meaning of terms. (1) In this Act, save where a contrary intention appears-
" borrower " means a person who is indebted to the Society;
" mortgage " means a mortgage held by the Society in respect of an indebtedness to the Society and includes an instrument evidencing the terms of a mortgage;
" Permanent Society " means a registered permanent building society within the meaning of the Act other than the Queensland Permanent Building Society and other than any registered permanent building society that is in the course of administration or liquidation at the date of passing of this Act;
"the Act" means the Building Societies Act 1886-1976;
" the Contingency Fund Committee " means the Permanent Building Societies Contingency Fund Committee incorporated under this Act;
" the liquidator " means the liquidator of the Society appointed by the Registrar before the passing of this Act pursuant to Section 37AA of the Act;
2 ss. 4-6 QLD PERMANENT BUILDING SOCIETY ACT 1977
" the Minister " means the Minister of the Crown for the time being charged with the administration of this Act and includes a person for the time being performing the duties of the Minister;
" the rules " means the rules of the Society made pursuant to the Act whether made before or after the passing of this Act and includes any alteration to the rules which may be made under this Act;
" the Society " means the Queensland Permanent Building Society registered under the Act;
"the Companies Act" means the Companies Act 1961-1975.
(2) Subject to subsection (I), an expression to which a meaning is assigned by the Act, when used in this Act has a like meaning.
PART II-INCORPORATION OF CoNTINGENCY FUND CoMMITTEE
4. Incorporation of Contingency Fund Committee. For the purpose of performing its duties and exercising its powers under this Act only, the Permanent Building Societies Contingency Fund Committee as constituted from time to time under the Act is a body corporate which by that name shall have perpetual succession and an official seal and shall be capable in law of suing and being sued and shall have power to acquire, hold, take on loan and advance on loan moneys and to give and take in respect of any such loan security of every description (including security by way of a floating charge) and, subject hereto, of doing and suffering all such acts, matters and things as bodies corporate may in law do and suffer.
5. Judicial notice of official seal and service of documents. (I) All courts, tribunals and persons acting judicially shall take judicial notice of the official seal of the body corporate incorporated by section 4 affixed to any document or writing and, until the contrary is proved, shall presume that such seal was duly affixed to such document or writing.
(2) The official seal of the body corporate-
(a) shall be in the form resolved by the body corporate;
(b) shall be and remain in the custody of the Registrar; and (c) shall be affixed to documents by and upon the attestation
of the Registrar pursuant to resolutions from time to time of the body corporate.
(3) Any document shall be duly served on the Permanent Building Societies Contingency Fund Committee if it is served on the Registrar.
PART III-THE SociETY IN LIQUIDATION
6. Joint and several liquidators. (I) The power to appoint a liquidator pursuant to section 37AA of the Act includes power to appoint two or more liquidators of the Society to act jointly and severally, each having the powers prescribed by the Act and by this Act.
QLD PERMANENT BUILDING SOCIETY ACT 1977 ss. 7-11
(2) Where more than one liquidator is appointed-
(a) an act that may be done by a liquidator may be done by any of the liquidators so appointed;
(b) a reference " liquidator " in this Act shall be construed to relate to all or any of the liquidators so appointed.
7. Cessation of powers of directors. Notwithstanding any other Act or rule of law the powers of the Board and of the directors shall be taken to have ceased upon the appointment of the liquidator save to the extent that the liquidator has approved or approves the continuance thereof.
8. Powers of Liquidator. (I) The liquidator is hereby empowered and it is declared that he has been from the time of his appointment empowered-
( a) to exercise all or any of the powers vested in the Board of Directors or the directors of the Society prior to the commencement of the winding up whether under the rules, the Act, any mortgage or other document;
(b) to exercise all or any of the powers of a liquidator under the Act;
(c) to exercise all or any of the powers of a liquidator of a company incorporated under the Companies Act as if the Society were a company incorporated under that Act;
(d) to do any act or thing whatsoever and to omit to do any act or thing whatsoever to which the Governor in Council consents.
(2) Where under section 236 of the Companies Act a liquidator may exercise a power only with the authority of the Court or of a committee of inspection that power may be exercised by a liquidator for the purposes of this Act with the consent in writing of the Registrar.
(3) The consent of the Governor in Council to the doing or omitting by a liquidator of any act or thing may be expressed to operate retrospectively and if so expressed shall operate accordingly.
9. Liability of liquidator. A liquidator of the Society is not liable for any loss sustained by the Society or by any other person during his term of office unless the loss is due to his wilful misconduct or gross negligence or to his wilful failure to comply with the provisions of the Act or of this Act or of the rules.
10. Liability of Registrar excluded. The Registrar is not liable for any loss sustained by the Society or by any other person during the term of office of a liquidator.
1!. Provision concerning rules of the Society. (1) Every borrower in respect of whose indebtedness the Society holds a mortgage is bound by the rules as if-
(a) he were, in every case, a member of the Society; and
3
4 ss.12-14 QLD PERMANENT BUILDING SOCIETY ACT 1977 (b) the rules were incorporated in the mortgage that relates to his
indebtedness,
notwithstanding anything contained in the mortgage or in any other document that regulates the rights and obligations of the Society or of a borrower.
(2) If there is any inconsistency between any provision of the rules and any provision of a mortgage or other document that regulates the rights and obligations of the Society or of a borrower, the rules shall prevail and be given effect.
(3) With the approval of the Registrar first had and obtained, a liquidator may alter the rules but the Registrar's approval shall not be given and, if given shall be of no effect, for an alteration of the rules that would have the effect of imposing an additional obligation on a particular borrower within a class of borrower unless the same obligation is thereby imposed on all borrowers within that class.
If any such alteration is expressed so to operate it shall operate retrospectively to a time being not earlier than the expiration of the 27th September 1977.
The provisions of section 15 (4), (5) and (6) of the Act apply in respect of any alteration of the rules pursuant to this section.
It shall not be competent to the members of the Society to alter the rules while a liquidator is in office.
12. Construction of certain mortgages; liquidator's powers. (1) Where in any mortgage held by the Society or in any document that regulates the rights and obligations of the Society or of a borrower reference is made to a Building Society registered or formerly registered under the Act or to the directors, the Board of Directors or the rules of such society the reference shall be construed as if the reference were to the Society, the directors, the Board of Directors or the rules of the Society, as the case may be.
(2) A liquidator has the powers, authorities, duties and functions of the directors and of the Board of Directors of the Society arising from such a mortgage.
13. Registrar may remove and shall appoint auditors. (1) The Registrar-
(a) may remove from office the auditor or auditors of the Society;
and
(b) shall, in the event of any vacancy in the office of auditor of the Society, appoint a person or persons or a firm or firms, or any combination of them, to be the auditor or auditors of the Society.
(2) It shall not be competent to the Society to remove an auditor of the Society appointed by the Registrar or to appoint an auditor of the Society while a liquidator is in office.
14. Payment of money from Contingency Fund. (I) Should the Governor in Council so determine, the Contingency Fund Committee
QLD PERMANENT BUILDING SOCIETY ACT 1977 s.15
s
shall authorize payment to the Society from the Contingency Fund of such one or more of the following amounts as the Governor in Council directs:-
(a) $2 627 340 being the imbalance between the Society's general ledger and computer subsidiary ledgers;
(b) $1 205 852 being the operating loss for the period of two years commencing on 1 July 1975 and ending on 30 June 1977 less the opening balance of the general reserve at the commencement of that period,
as disclosed in the Society's report to shareholders signed by the chairman of the Board of Directors of the Society and dated 29 July 1977.
15. Payments of precepted loans by Permanent Societies. (I) In this section-
(a) the term " resources " means the amount of resources, within the meaning of section 23D of the Act, held by a Permanent Society;
(b) the term" funds" means the aggregate of-
(i) payments, subscriptions and contributions made, or deemed to have been made, by the members of a Permanent Society and held by it in respect of shares issued by the Permanent Society; and
(ii) deposits and loans (excluding prescribed loans) permitted under section 26 of the Act and received by that Permanent Society and held by it;,
(c) the expression "prescribed loans" means such loans as are excluded under the Act from the provisions of subparagraph (b) of the first paragraph of subsection (2) of section 36D of the Act and from the provisions of subsections (3) (b) (ii), (3) (c) (ii), (4) (a) (ii), (4) (b) (ii), (5) (b) (ii) and (5) (c) (ii) of section 36o of the Act.
(2) Whenever he is required by the Governor in Council so to do the Registrar shall by notice in writing require every Permanent Society to notify him, within the time limited in the notice, of the amount of its resources and its funds as at a time specified by him in the notice (which time is in this section referred to as " the specified time ").
(3) Having regard to the information notified pursuant to subsection (2) and to the provisions of subsection (7) the Governor in Council shall fix a proportion of the funds of each Permanent Society to be paid by it pursuant to the precept issued under this section and shall express that proportion as a rate per centum.
(4) The Contingency Fund Committee shall direct its precept to each Permanent Society requiring it to pay to the Contingency Funq by way of loan, within the time limited in the precept, an amount equal to the proportion, fixed and expressed as aforesaid, of its funds at the specified time.
(5) Each Permanent Society shall, within the time so limited, pay to the Registrar for payment into the Contingency Fund, the amount specified in the precept directed to it.
'
s.16 QLD PERMANENT BUILDING SOCIETY ACT 1977 (6) In relation to each precept directed to a Permanent Society pursuant to this section-(a) the rate of interest payable on a loan paid thereunder by the Permanent Society to the Contingency Fund shall be 9·5 per centum per annum calculated on daily balances and capitalized monthly or such other rate as is fixed from time to time by the Governor in Council by Order in Council;
(b) the Governor in Council may from time to time determine the terms and conditions on which such loan shall be repaid and on which the interest thereon shall be paid.
Every such determination shall be effective in law in respect of the matters to which it relates and every such loan shall be repaid and interest thereon shall be paid in accordance with such determination.
(7) If the resources of a Permanent Society as at the specified time, less the amount which equals the proportion fixed by the Governor in . Council under subsection (3) of the funds of that Permanent Society, are less than an amount which equals 7·5 per centum of the total of members p!id up share capital and deposits held with that Permanent Society as at the specified time the amount of the loan required to be paid by that Permanent Society under the precept shall be reduced so that the resources of that Permanent Society as at the specified time less the reduced amount of such loan is an amount which equals 7·5 per centum of the total of members paid up share capital and deposits held with that Permanent Society as at the specified time.
16. Disbursement of moneys paid• as precepted loan. (I) As each Permanent Society pays to the Registrar the amount required of it pursuant to section 15 by way of loan precepted pursuant to that section the Contingency Fund Committee shall authorize immediate payment of such amount from the Contingency Fund to the Society.
Each such payment to the Society shall be by way of loan to the Society from the Contingency Fund Committee upon the terms and conditions hereinafter in this section provided for.
(2) The rate of interest and the terms and conditions which apply from time to time in respect of loans made by Permanent Societies to the Contingency Fund under precept issued pursuant to' section 15 shall apply in respect of each loan made to the Society by the Contingency Fund Committee.
(3) The SQciety shall repay the said loan or loans, which shall be and form part of the costs and expenses of the winding up of the Society.
( 4) As the Society repays to the Contingency Fund Committee the said loan or loans or any part thereof (including interest thereon) the Contingency Fund Committee shall authorize repayment from the Contingency Fund to each Permanent Society that has paid to the Contingency Fund a loan precepted pursuant to section 15 an amount that bears to the amount of the repayments to the Contingency Fund Committee the proportion that the precepted loan paid by the Permanent Society bears to the total amount of the precepted loans paid by all Permanent Societies.
QLD PERMANENT BUILDING SOCIETY ACT 1977 ss.17-19 7 In this subsection, the expression " the precepted loan " means the precepted loan directed to be paid by each Permanent Society by precept issued pursuant to section I5 and the expression " the total amount of the precepted loans " means the amount which equals the proportion fixed by the Governor in Council under section I5 (3) of the funds (within the meaning of section I5) of all the Permanent Societies to which precepts issued pursuant to section I5 are directed.
(5) Whenever the Governor in Council directs it so to do the Society shall secure repayment of every loan made to it pursuant to subsection (I) and payment of interest thereon by way of a debenture in favour of the Contingency Fund Committee, which shall be in a form approved by the Minister and shall operate by way of a floating charge over all of the Society's assets or by way of other security directed by the Governor in Council.
The Society shall execute every such debenture or other instrument of security forthwith upon the request of the Contingency Fund Committee, which request may be made at the time of the making of the loan to the Society or at any time thereafter, and shall do all such other acts and things as are required by the Governor in Council to perfect the security given by the Society.
The Governor in Council may from time to time determine that the security given by the Society in respect of each such loan shall rank behind any other security given or to be given by the Society in respect of any other loans.
Every such determination shall be effective in law in respect of the matter to which it relates and shall be given effect.
(6) The Society shall not give any further or other security in respect of any loan made to it except with the approval or at the direction of the Governor in Council.
If the Governor in Council gives a direction to the Society with respect to its giving security in respect of a loan the Society shall comply with the direction.
17. Duty of liquidator. Until the Governor in C~uncil directs him to the contrary, the duty of the liquidator is-
( a) to preserve the assets of the Society to such extent as he is able; and
(b) to refrain from realizing any of the assets of the Society.
PART IV-THE SOCIETY UNDER ADMINISTRATION
18. Operation of this Part. The provisions of this Part other than this section and section I9 shall come into operation upon the removal pursuant to this Part of the liquidator and the appointment of an administrator in his stead.
19. Removal of liquidator; appointment of administrator. (I) With the approval of the Governor in Council, the Registrar may, for the . purposes of this Act, remove the liquidator by revoking his appointment:
8 ss. 20-23 QLD PERMANENT BUILDING SOCIETY ACT 1977 Provided that the revocation of the liquidator's appointment pursuant to this section shall have no effect unless and until the Registrar appoints an administrator of the Society pursuant to section 37AD of the Act.
(2) The power to appoint an administrator pursuant to section 37AD of the Act includes power to appoint two or more administrators of the Society to act jointly and severally, each having the powers prescribed by the Act and by this Act.
(3) Where more than one administrator is appointed-
(a) an act that may be done by an administrator may be done by any of the administrators so appointed;
(b) a reference " administrator " in this Act shall be construed to relate to all or any of the administrators so appointed.
20. Removal of administrator. (1) With the approval of the Minister, the Registrar may remove an administrator appointed pursuant to section 37 AD of the Act by revoking his appointment if he is satisfied-
(h) that the Society is trading profitably; and
(b) that it is expedient that the administrator's appointment should be revoked and that the business and operations of the Society should be controlled by a Board of Directors in accordance with the Act.
(2) Before revoking the appointment of an administrator pursuant to this section the Registrar shall exercise the power conferred on him by section 37 AD (5) (b) of the Act.
21. Effective date of administrator's appointment. Every appointment of an administrator of the Society in place of the liquidator removed pursuant to section 19 shall be deemed to have taken effect upon the expiration of the 27th September 1977 and the events specified by section 37 AD (3) of the Act shall be deemed to have occurred at that time.
22. Provision concerning liquidator's actions. (1) All acts and things done by the liquidator shall be deemed to have been done by him as an administrator of the Society.
(2) The rights and obligations of the Society or of borrowers under any mortgage shall be deemed not to have been affected by the appointment of the liquidator or by any resolution adopted or determination made by the liquidator, the directors or the Board of Directors of the Society since that appointment.
23. Provision concerning rules of Society. (1) Every borrower in respect of whose indebtedness the Society holds a mortgage is bound by the rules as if-
(a) he were, in every ~ase, a member of the Society; and (b) the rules were incorporated in the mortgage that relates to his
indebtedness,
notwithstanding anything contained in the mortgage or in any other document that regulates the rights and obligations of the Society or of a borrower.
QLD PERMANENT BUILDING SOCIETY ACT 1977 ss. 24-26 (2) If there is any inconsistency between any provision of the rules and any provision of a mortgage or other document that regulates the rights and obligations of the Society or of a borrower, the rules shall prevail and be given effect.
(3) With the approval of the Registrar first had and obtained, an administrator may alter the rules but the Registrar's approval shall not be given and, if given shall be of no effect, for an alteration of the rules that would have the effect of imposing an additional obligation on a particular borrower within a class of borrower unless the same obligation is thereby imposed on all borrowers within that class.
If any such alteration is expressed so to operate it shall operate retrospectively to the time when the administrator's appointment is deemed to have taken effect.
The provisions of section 15 ( 4), ( 5) and ( 6) of the Act apply in respect of any alteration of the rules pursuant to this section.
It shall not be competent to the members of the Society to alter the rules while an administrator is in office.
24. Construction of certain mortgages; administrator's powers.
(1) Where in any mortgage or in any document that regulates the rights and obligations of the Society or of a borrower reference is made to a Building Society registered or formerly registered under the Act or to the directors, the Board of Directors or the rules of such society the reference shall be construed as if the reference were to the Society, the directors, the Board of Directors or the rules of the Society, as the case may be.
(2) An administrator has the powers, authorities, duties and functions of the directors and of the Board of Directors of the Society arising from such a mortgage.
25. Registrar may remove and shall appoint auditors. (1) The Registrar-
(a) may remove from office the auditor or auditors of the Society;
and
9
(b) shall, in the event of any vacancy in the office of auditor of the Society, appoint a person or persons or a firm or firms, or any combination of them, to be the auditor or auditors of the Society.
(2) It shall not be competent to the Society to remove an auditor of the Society appointed by the Registrar or to appoint an auditor of the Society while an administrator is in office.
26. Exemption from obligations in Act. The Minister may, by notice in writing, exempt an administrator and the Society from complying with such of the provisions of the Act as are specified in the notice and may, in like manner, revoke any such exemption.
While such an exemption remains in force, an administrator and the Society shall not be required to comply with the provisions of the Act specified in the notice of exemption.
10 ss. 27, 28 QLD PERMANENT BUILDING SOCIETY ACT 1977 27. Payment of money from Contingency Fund. (1) As soon as practicable after the coming into operation of this Part the Contingency Fund Committee shall authorize payment to the Society out of the Contingency Fund of the sum of $3 833 192 being the aggregate of-
(a) $2 627 340 being the imbalance between the Society's general ledger and computer subsidiary ledgers; and
(b) $1 205 852 being the operating loss for the period of two years commencing on 1 July 1975 and ending on 30 June 1977 less the opening balance of the general reserve at the commencement of that period,
as disclosed in each case in the Society's report to shareholders signed by the chairman of the Board of Directors of the Society and dated 29 July 1977 or such part of that sum as has not been paid to the Society by the Contingency Fund Committee pursuant to Part III.
(2) If the Society recovers any amount on account of the imbalance referred to in paragraph (a) of subsection (1) it shall pay to the Contingency Fund tlie amount so recovered, less all expenses duly incurred by the Society in identifying and recovering such amount, and the Contingency Fund Committee shall authorize payment from the amount so paid to the fund to each Permanent Society that has paid to the Contingency Fund the precepted loan an amount that bears to the amount so paid to the fund upon recovery aforesaid the propottion that the precepted loan. paid by the Permanent Society bears to the total amount of the precepted loans paid by all Permanent Societies.
In this subsection, the expression "the precepted loan" means the precepted loan directed to be paid by each Permanent Society by precept issued pursuant to section 36D of the Act on the 28th September I 977 and the expression " the total amount of the precepted loans "
means the amount fixed by the Contingency Fund Committee (within the meaning of the Act) on the 28th September 1977 pursuant to section 36D (5) (a) of the Act.
28. Payments of precepted loans by Permanent Societies. (1) In this section-
(a) the term "resources" means the amount of resources, within the meaning of section 23D of the Act, held by a Permanent Society;
(b) the term "funds" means the aggregate of-
(i) payments, subscriptions and contributions made, or deemed to have been made, by the members of a Permanent Society and held by it in respect of shares issued by the Permanent Society; and
(ii) deposits and loans (excluding prescribed loans) permitted under section 26 of the Act and received by that Permanent Society and held by it;
(c) the expression "prescribed loans" means such loans as are excluded under the Act from the provisions of subparagraph (b) of the first paragraph of subsection (2) of section 36D of the Act and from the provisions of subsections (3) (b) (ii), (3) (c) (ii), (4) (a) (ii), (4) (b) (ii), (5) (b) (ii) and (5) (c) (ii) of section 36D of the Act.
QLD PERMANENT BUILDING SOCIETY ACT 1977 s. 29 11
(2) Whenever he is required by the Governor in Council so to do the Registrar shall by notice in writing require every Permanent Society to notify him, within the time limited in the notice, of the amount of its resources and its funds as at a time specified by him in the notice (which time is in this section referred to as '·' the specified time").
(3) Having regard to the information notified pursuant to subsection (2) and to the provisions of subsection (8) the Governor in Council shall fix a proportion of the funds of each Permanent Society to be paid by it pursuant to the precept issued under this section and shall express that proportion as a rate per centum.
(4) The aggregate of the amounts which equal the proportion so fixed of the funds of each Permanent Society at the specified time shall be such sum as the Governor in Council directs by Order in Council.
(5) The Contingency Fund Committee shall direct its precept to each Permanent Society requiring it to pay to the Contingency Fund by way of loan, within the time limited in the precept, an amount equal to the proportion, fixed and expressed as aforesaid, of its funds as at the specified time.
(6) Each Permanent Society shall, within the time so limited, pay to the Registrar for payment into the Contingency Fund, the amount specified in the precept directed to it.
(7) In relation to each precept directed to a Permanent Society pursuant to this section-
(a) the rate of interest payable on a loan paid thereunder by the Permanent Society to the Contingency Fund shall be 9·5 per centum per annum calculated on daily balances and capitalized monthly or such other rate as is fixed from time to time by the Governor in Council by Order in Council;
(b) the Governor in Council may from time to time determine the terms and conditions on which such loan shall be repaid and on which the interest thereon shall be paid.
Every such determination shall be effective in law in respect of the matters to which it relates and every such loan shall be repaid and interest thereon shall be paid in accordance with such determination.
(8) If the resources of a Permanent Society as at the specified time, less -the amount which equals the proportion fixed by the Governor in Council under subsection (3) of the funds of that Permanent Society, are less than an amount which equals 7·5 per centum of the total of members paid up share capital and deposits held with that Permanent Society as at the specified time the amount of the loan required to be paid by that Permanent Society under the precept shall be reduced so that the resources of that Permanent Society as at the specified time less the reduced amount of such loan is an amount which equals 7·5 per centum of the total of members paid up share capital and deposits held with that Permanent Society as at the specified time.
29. Disbursement of moneys paid as precepted loan. (1) As each Permanent Society pays to the Registrar the amount required of it pursuant to section 28 by way of loan precepted pursuant to that section the
12 s. 29 QLD PERMANENT BUILDING SOCIETY ACT 1977
Contingency Fund Committee shall authorize immediate payment of such amount from the Contingency Fund to the Society.
Each such payment to the Society shall be by way of loan to the Society from the Contingency Fund Committee upon the terms and conditions hereinafter in this section provided for.
(2) The rate of interest and the terms and conditions which apply from time to time in respect of loans made by Permanent Societies to the Contingency Fund under precept issued pursuant to section 28 shall apply in respect of each loan made to the Society by the Contingency Fund Committee.
(3) The Society shall, having regard to its needs, repay the said loan or loans as soon as may be practicable.
( 4) As the Society repays to the Contingency Fund Committee the said loan or loans or any part thereof (including interest thereon) the Contingency Fund Committee shall authorize repayment from the Contingency Fund to each Permanent Society that has paid to the Contingency Fund a loan precepted pursuant to section 28 an amount that bears to the amount of the repayments to the Contingency Fund Committee the proportion that the precepted loan paid by the Permanent Society bears to the total amount of the precepted loans paid by all Permanent Societies.
In this subsection, the expression " the precepted loan " means the precepted loan directed to be paid by each Permanent Society by precept issued pursuant to section 28 and the expression " the total amount of the precepted loans " means the amount which equals the proportion fixed by the Governor in Council under section 28 (3) of the funds (within the meaning of section 28) of all the Permanent Societies to which precepts issued pursuant to section 28 are directed.
(5) The Society shall secure repayment of every loan made to it pursuant to subsection (1) and payment of interest thereon by way of a debenture in favour of the Contingency Fund Committee, which shall be in a form approved by the Minister and shall operate by way of a floating charge over all of the Society's assets.
The Society shall execute every such debenture forthwith upon the request of the Contingency Fi.nid Committee, which request may·be made at the time of the making of the loan to the Society or at any time thereafter, and shall do all such other acts and things as are required by the Governor in Council to perfect the security given by the Society.
The Governor in Council may from time to time determine that the security given by the Society in respect of each such loan shall rank behind any other security given or to be given by the Society in respect of any other loans.
Every such determination shall be effective in law in respect of the matter to which it relates and shall be given effect.
(6) The Society shall not give any further or other security in respect of any loan made to it except with the approval or at the direction of the Governor in Council.
QLD PERMANENT BUILDING SOCIETY ACT 1977 ss. 30-32 13 If the Governor in Council gives a direction to the Society with respect to its giving security in respect of a loan the Society shall comply with the direction.
PART V-GENERAL PROVISIONS
30. Continued application of the Act. (1) This Act shall be read as one with the Act.
(2) The provisions of the Act shall continue to apply in accordance with their terms subject to subsection (3); in particular section 36D (9) and (12) of the Act shall apply in respect of the payment ofloans precepted under section 15 or 28.
(3) If there is any inconsistency between any provision of the Act and any provision of this Act the latter shall prevail.
31. Powers of Governor in Council. (1) The Governor in Council may do and direct to be done all such acts and things as in his opinion are necessary or desirable to be done in the interests of any of them, the members, depositors or creditors of the Society.
All acts and things done by the Governor in Council or done under his direction pursuant to this subsection shall take effect in law according to their purport notwithstanding the provisions of any Act or law.
(2) The power conferred by subsection (1) includes power to make by Order in Council rules, which shall have the effect of law, that regulate the rights and obligations of the persons or classes of persons to whom they are directed.
If there is any inconsistency between rules made by the Governor in Council pursuant to this section and the provisions of any Act or law, the former shall prevail and be given effect.
32. Offence provisions. (1) If any Permanent Society or body corporate fails to comply with any provision of this Act or with a direction given pursuant to this Act or with any provision of a rule made by the Governor in Council pursuant to this Act the Permanent Society or body corporate and every officer of the same shall be guilty of an offence against this Act which shall be an indictable offence, and shall be liable- (a) in the case of a Permanent Society or body corporate, to a
penalty of $50 000; and
(b) in the case of an individual, to a penalty of $10 000 or imprisonment for 2 years or both such fine and imprisonment.
(2) If any permanent Society or body corporate fails to comply with any provision of this Act or with a direction given pursuant to this Act or with any provision of a rule made by the Governor in Council pursuant to this Act the Registrar may give to that Permanent Society or body corporate a notice in writing calling upon the Permanent Society or body corporate to remedy its default within a time limited in the notice and if the Permanent Society or body corporate fails to remedy
14 s. 32 QLD PERMANENT BUILDING SOCIETY ACT 1977
its default within such time it and every officer of the same shall be guilty of a continuing offence against this Act and shall be liable to a penalty of $1 000 for each day during which such failure to remedy such default continues.
{3) The offence provided for in subsection (2) is in addition to the offence of which the Permanent Society, body corporate and officer concerned is guilty under subsection {1).
(4) Proceedings in respect of an offence provided for in subsection (2) shall be taken in a summary manner under the Justices Act 1886-1977.
INDEX
TO
QUEENSLAND PERMANENT BffiLDING SOCIETY ACT 1977
A
Act-
meaning of terms Administration-
construction of certain mortgages, Administrator's powers disbursement of moneys paid as precepted loan . . . . effective date of Administrator's appointment
exemption from obligations in Act ..
payment of money from contingency fund ..
payments of precepted loans by permanent socieites provision concerning liquidator's actions provision concerning rules of society . . . . registrar may remove and shall appoint auditors removal of administrator . . . . . . removal of liquidator, appointment of Administrator
Borrower- meaning of
Companies Act- meaning of
Contingency Fund Committee----
B
c
incorporation of . . . . . . . . . . . . judicial notice of official seal and service of documents meaning of
D
Definitions- ..
L
Liquidation-
cessation of powers of directors . . . . construction of certain mortgages, liquidator's powers disbursement of moneys paid as precepted loans duty of liquidator ..
joint and soveralliquidators liability ofliquidator ..
liability of registrar excluded . . . .
Payment of money from Contingency Fund . . . . payments of precepted loans by permanent socieities powers of liquidator . . . . . .
provision concerning rules of the society ..
registrar may remove and shall appoint auditors Liquidator-
duty of •.
joint and several liability of meaning of powers of ..
Minister- meaning of Mortgage-
meaning of
M
s. 3 24 29 21 26 27 28 22 23 25 20 19
3
4 s
3
7 12 16 17 6 10 9 14 IS II 8 13 17 6 9 3 8
3
Page
9 II 8 10 9 10 8 8 9 8 7
2 2 I
3 4 6 7 2 3 3 4 3 s
3 4 7 2 3 I 3
16 INDEX
0
Offence Provisions- ..
p
Permanent Building Socieities Contingency Fund Committee- incorporation . . . . . . . . . . judicial notice of official seal and service of documents Permanent Society-
meaning of Powers of-
Administrator ..
Governor in Council liquidator ..
Rules- meaning of Removal of-
Administrator auditors liquidator ..
Society- meaning of
18783/82
R
s
s. 32
4 5
3 24 (2) 31
8
3 20 25 19
By Authority:_S. R. HAMPSON, Government Printer. Queensland
Page
13
2 2
9 13 3
8 9 7
