Warning
“Queensland Statute Reprints”
QUT Digital Collections
This copy is not an authorised reprint within the meaning of the Reprints Act 1992 (Qld).
This digitized copy of a Queensland legislation pamphlet reprint is made available for non-commercial educational and research purposes only. It may not be reproduced for commercial gain.
©State of Queensland
QUEENSLAND
THE STATE ADVANCES ACT AND OTHER ACTS RELIEF AMENDMENT ACT OF 1934,
25 Geo. 5 No. 16
[Reprinted as at 1 May, 1981]
An Act to Afford a Measure of Relief to Certain Borrowers under the State Advances Act and Other Acts, and Certain Purchasers of Homes under the Workers' Homes Acts, by the Funding of Arrears and the Extension of Terms of Repayment of Certain Mortgages and Contracts of Sale; to Liberalise the Provisions of the State Advances Act and Other Acts in relation to Advances and Interest Payments; and for other purposes.
[Assented to 15 November, 1934]
BE IT ENACTED by the King'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 and construction. This Act may be cited as The State Advances Act and Other Acts Relief Amendment Act of 1934.
2. Parts of Act. This Act is divided into Parts as follows:-
PART I-PRELIMINARY;
PART II-AMENDMENTS oF THE STATE ADVANcEs AcT;
PART Ill-AMENDMENTS OF THE WORKERS' HOMES ACTS AND OTHER AcTs;
PART IV-GENERAL PROVISIONS.
3. (Repealed).
Repealed by Act of 1945, 9 Geo. 6 No. 24, s. 5 (1).
4. (Repealed).
Repealed by Act of 1961, 10 Eliz. 2 No. 13, s. 3 Sch.
PART IV-GENERAL PROVISIONS
(A) Amendment of" The State Housing Relief Act of 1930 ."
5. Amendment of " The State Housing Relief Act of 1930. " The amendments made to "The State Housing Relief Act of 1930" by this Act, and such Act, may collectively be cited as " The State Housing Relief Acts, 1930 to 1934."
6. Amended" State Housing Relief Act of 1930 ."
2 s. 7 THE STATE ADVANCES, ETC., ACT OF 1934
(B) Interest Payments
7. Rate of interest on advances by way of mortgage and in respect of outstanding purchase-moneys under contracts of sale as from 1 January 1935. The following provisions shall apply in respect of interest payments,
that is to say:- · · · ·
(i) In respect of advances made by way of mortgage executed prior to the first day of January, one thousand nine hundred and thirty-five, and where such mortgage (together with arrears funded as hereinbefore provided) is in existence on such date, and in respect of advances made by way of mortgage on or after such date by
(a) The State Advances Corporation, created under " The State Advances Acts, 1916 to 1934," or
(b) The State Advances Corporation created under " The State Advances Acts, 1916 to 1934," where such Corporation acts under any law or practice as the deputy of or as attorney or agent for and on behalf of the Crown or Minister of the Crown in respect of advances made under any other Act or law (and without limiting the generality of this provision, including advances made under "The Discharged Soldiers' Settlement Acts, 1917 to 1930," " The Clermont Flood Relief Act of 1917," " The Clermont Flood Relief Act Amendment Act of 1917," "The Clermont Flood Relief Undertaking Act of 1917," and" The State Advances Corporation Buildings Improvement Act of 1932 ");
(ii) In respect of any contract ofsale made and entered into under
" The Workers' Homes Acts, 1919 to 1934," prior to the first day of January, one thousand nine hundred and thirty-five, and where such contract of sale (together with arrears funded as hereinbefore provided) is in existence on such date, and in respect of any contract of sale made and entered into on or after such date by any person with the Workers' Homes Corporation created under " The Workers' Homes Acts, 1919 to 1934,"
the rate of interest becoming due and payable on and after the first day of January, one thousand nine hundred and thirty-five, in respect of any such advance made by way of mortgage or becoming due and payable on and after the first day of January, one thousand nine hundred and thirty-five, in respect of any contract of sale as aforesaid, shall, subject as hereinafter provided, in lieu of any rate prescribed in any Act or law referred to in paragraphs (i) or (ii) aforesaid, be such rate of interest as is from tiine to time prescribed by the Governor in Council by Order in Council published in the Gazette:
Provided that for the purposes of this section the rate of interest which shall be prescribed by the Governor in Council by Order in Council to enure and have effect as from the first day of January, one thousand nine hundred and thirty-five, shall be at the rate of four pounds per centum per annum; and notwithstanding any Act or law to the contrary such
THE STATE ADVANCES, ETC., ACT OF 1934 s. 8 3 rate so prescribed shall be the rate of interest that shall be due and payable as from the first day of January, one thousand nine hundred and thirty- five, on any advance (together with arrears funded as hereinbefore provided) made by way of mortgage or in respect of any contract of sale (together with arrears funded as hereinbefore provided) executed prior to such date but existing on such date, and such rate of interest so prescribed shall continue to be the rate of interest due and payable by the mortgagor or purchaser, as the case may be, in respect of his mortgage or contract of sale from the said first day of January, one thousand nine hundred and thirty-five, and for the remaining period of such mortgage .. or contract of sale:
Provided further that-
( a) In respect of any advance approved by way of mortgage or contract of sale made on or after the first day of January, one thousand nine hundred and thirty-five, being after the issue of such Order in Council as aforesaid prescribing the rate of interest as from the first day of January, one thousand nine hundred and thirty-five, and before any subsequent Order in Council which may hereafter be made prescribing any other rate of interest due and payable shall have been issued, the rate of interest due and payable in respect of such mortgage or in respect of such contract of sale so executed and made as aforesaid shall be and continue to be the rate of interest due and payable on such mortgage or contract of sale for the duration thereof.
(b) In respect of the issue of any Order in Council or Orders in Council subsequent to the issue of the Order in Council prescribing the rate of interest from the first day of January, one thousand nine hundred and thirty-five, the rate of interest due and payable in respect of any advance approved by way of mortgage or contract of sale made during the operation of any such subsequent Order in Council or Orders in Council shall for the duration of the mortgage or the contract of sale be and continue to be such rate of interest for the time being as is prescribed in any such subsequent Order in Council when any such advance by way of mortgage was approved or contract of sale was made.
And all such Acts or laws referred to aforesaid and having reference to interest due and payable on any mortgage or contract of sale concerned shall be read and construed and amended accordingly, and to the intent that any such Order in Council from time to time so issued shall be read and construed as forming part of the Act concerned and shall be judicially noticed, and shall not be questioned in any proceedings whatsoever.
8. Construction of securities. In every case where the relief or any part of the relief provided by this Act has been extended to any borrower (under mortgage) or to any purchaser (under a contract of sale) every instrument of security given and whensoever given by such borrower or purchaser as and by way of security (whether the principal security, or collateral thereto) for the advance, or for payment of purchase-money, as the case may be, shall be read and construed as if the provisions of this Act to the extent to which relief has been granted thereunder to him were inserted in each of the said securities as part of the terms and conditions thereof, and the parties thereto shall be bound accordingly.
7933-By Authority: S. R. HAMPSON, Government Printer, Queensland
