New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 225

225 Certain debentures and related instruments

(1) 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.

(2) 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.

(3) 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.

(4) 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.

"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 2001 of the Commonwealth.