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This is a Bill, not an Act. For current law, see the Acts databases.
TASMANIA
__________
PROPERTY AGENTS AND LAND TRANSACTIONS
AMENDMENT BILL 2012
__________
CONTENTS
1. Short title
2. Commencement
3. Principal Act
4. Section 162 amended (Board may enter into schemes of
arrangement)
5. Section 165 amended (Level of Guarantee Fund )
6. Section 169 amended (Right to claim compensation)
7. Section 213A inserted
213A. Validation of certain schemes of arrangement
8. Repeal of Act
[Bill 3]-XI
2
PROPERTY AGENTS AND LAND TRANSACTIONS
AMENDMENT BILL 2012
(Brought in by the Minister for Corrections and Consumer
Protection, the Honourable Nicholas James McKim)
A BILL FOR
An Act to amend the Property Agents and Land
Transactions Act 2005
Be it enacted by His Excellency the Governor of Tasmania, by
and with the advice and consent of the Legislative Council and
House of Assembly, in Parliament assembled, as follows:
1. Short title
This Act may be cited as the Property Agents
and Land Transactions Amendment Act 2012.
2. Commencement
This Act commences on a day to be proclaimed.
3. Principal Act
In this Act, the Property Agents and Land
Transactions Act 2005* is referred to as the
Principal Act.
*No. 75 of 2005
THIS BILL IS COGNATE WITH THE CONVEYANCING AMENDMENT BILL 2012
[Bill 3] 3
Property Agents and Land Transactions Amendment Act 2012
Act No. of
s. 4
4. Section 162 amended (Board may enter into
schemes of arrangement)
Section 162 of the Principal Act is amended as
follows:
(a) by inserting in subsection (1) "for the
purposes of this Act and trust accounts
for the purposes of the Conveyancing Act
2004" after "accounts";
(b) by inserting in subsection (3)(a) "for the
purposes of this Act and of interest on
money held in trust accounts for the
purposes of the Conveyancing Act 2004"
after "accounts".
5. Section 165 amended (Level of Guarantee Fund )
Section 165 of the Principal Act is amended by
omitting "or the Conveyancing Act 2004".
6. Section 169 amended (Right to claim compensation)
Section 169(2) of the Principal Act is amended
by omitting "the Council" and substituting "the
Board".
7. Section 213A inserted
After section 213 of the Principal Act, the
following section is inserted in Part 11:
4
Property Agents and Land Transactions Amendment Act 2012
Act No. of
s. 8
213A. Validation of certain schemes of
arrangement
A scheme of arrangement that -
(a) was entered into, or purportedly
entered into, under section 162,
before the commencement of the
Property Agents and Land
Transactions Amendment Act
2012 (the amending Act); and
(b) was, in whole or in part, a scheme
or arrangement for the keeping of
trust accounts, within the
meaning of the Conveyancing Act
2004, by conveyancers; and
(c) was in operation before the
commencement of the amending
Act -
is not to be taken to be, or to have been,
invalid by reason only that the
arrangement could not have been, in
relation to the keeping of such trust
accounts, entered into under this Act
before the commencement of the
amending Act.
8. Repeal of Act
This Act is repealed on the ninetieth day from
the day on which it commences.
Government Printer, Tasmania 5