Queensland Consolidated Acts

LAND ACT 1994 - SECT 67

67 Power to mortgage trust land

(1) A trustee of a reserve must not mortgage the reserve.

(2) A trustee of a deed of grant in trust, issued before the commencement of this Act, may mortgage the deed of grant in trust.

(3) A trustee may also mortgage a deed of grant in trust issued after the commencement if the deed—

(a) was issued because of a surrender under section 358 and the deed being surrendered was issued before the commencement; or

Note—

Section 358 allows a registered owner or trustee to surrender land in certain circumstances in exchange for a new deed.

(b) was issued under section 493 .

Note—

Section 493 deals with the automatic issue of new tenures under this Act.

(4) Despite subsections (2) and (3) , a trustee may mortgage a deed of grant in trust only if the chief executive has approved the mortgage.

(5) The chief executive’s approval may be subject to conditions.

(6) Amounts raised by mortgaging trust land must be used on the trust land and for the purpose for which the trust was granted.