Rural Finance Act 1988

i Version No. 015 Rural Finance Act 1988 Act No. 44/1988 Version incorporating amendments as at 5 April 2005 TABLE OF PROVISIONS Section Page PART 1—PRELIMINARY 1 1. Purposes 1 2. Commencement 1 3. Definitions 1 3A. How chairperson and Deputy Chairperson may be referred to 3 PART 2—ADMINISTRATION 4 4. Rural Finance Corporation of Victoria 4 5. Objectives of the Corporation 4 6. Functions of the Corporation 5 6A. Functions of Corporation relating to VEDC 6 7. Powers of the Corporation 6 8. Ministerial direction 7 9. Delegation 7 10. Board of Management 7 11. Conditions of membership of the Board 8 11A. Acting Chairperson 9 11B. Acting Deputy Chairperson 10 12. Acting appointments 10 13. Proceedings of the Board 10 13A. Resolutions without meetings 12 14. Disclosure of interests etc. 13 15. Chief Executive Officer 16 16. Staff 16 17. Application of public administration legislation 17 PART 3—OPERATIONS AND FINANCIAL PROVISIONS 18 18. Financial services 18 19. Corporation as agent for the Treasurer 19 20. Capital 19 21. Deposits 20 Section Page ii 22. Financial accommodation 20 22A. Financial arrangements 21 23. Government guarantees 22 24. Trustees may invest with the Corporation 23 25. Advances from the Public Account 23 26. Payments from profits to Consolidated Fund 23 27–29. Repealed 24 PART 4—LAND SETTLEMENT AND SOLDIER SETTLEMENT 25 30. Saving of interests 25 31. Additional rights and obligations 25 32. Transfer of purchase leases 25 33. Soldier settlement—right to obtain Crown grant early 27 34. Land settlement—if Crown grant obtained early 28 35. Provisions applying to dealings with respect to purchase leases 29 36. Advance payments under purchase leases 30 37. Surrender of purchase lease and grant of new lease 30 38. Crown grant on satisfaction of purchase lease 31 39. Crown grants generally 31 40. Settlers are owners and occupiers for certain purposes 31 41. Rental purchase deemed to be rent 31 42. Forfeiture of purchase leases 32 43. Payments on surrender or forfeiture 33 44. Mortgages under Part 7 of the Soldier Settlement Act 33 45. Interest on overdue instalments 35 46. Land under contract of sale 35 47. Vesting of land in the Corporation on forfeiture etc. 36 48. Unused land under the repealed Acts to vest in the Corporation 37 49. Generally as to vesting 37 PART 5—MISCELLANEOUS 39 50. Insurance 39 51. Payment of municipal rates etc. by the Corporation 41 52. Appointment of attorneys 41 53. Offence to misapply money received from the Corporation 41 54. Immunity 41 55. Confidentiality 42 56. Freedom of Information Act 1982 not to apply 42 57. Regulations 42 Section Page iii PART 6—TRANSITIONAL PROVISIONS, REPEALS AND AMENDMENTS 44 58. Transitional provisions relating to the Corporation 44 59. Transitional provision 44 60. Repealed 45 ═══════════════ ENDNOTES 46 1. General Information 46 2. Table of Amendments 47 3. Explanatory Details 49 1 Version No. 015 Rural Finance Act 1988 Act No. 44/1988 Version incorporating amendments as at 5 April 2005 The Parliament of Victoria enacts as follows: PART 1—PRELIMINARY 1. Purposes The purposes of this Act are— (a) to provide for the constitution, powers and functions of the Rural Finance Corporation of Victoria; and (b) to provide for the administration of the remaining leases, mortgages, contracts of sale and other interests created under the Land Settlement Act 1959 and the Soldier Settlement Act 1958. 2. Commencement (1) This Act (apart from section 48) comes into operation on a day to be proclaimed that is after 30 June 1988. (2) Section 48 comes into operation on a day to be proclaimed that is after 30 June 1988. 3. Definitions In this Act— "Board" means the Board of Management of the Corporation; "Chairperson" means the Chairperson of the Board; Part 1—Preliminary Rural Finance Act 1988 Act No. 44/1988 2 "Corporation" means the corporation established under this Act; "discharged soldier" means an eligible person under the Agreement made between the Commonwealth and the State on 23 November 1945 in relation to soldier settlement; "purchase lease" means a purchase lease under the Land Settlement Act 1959 or a settlement purchase lease under the Soldier Settlement Act 1958; "rural industries" means— (a) primary industry (including fishing) carried on, wholly or partly, in Victoria; or (b) secondary industry or service industry— (i) that is carried on, wholly or partly, in Victoria and that is related to primary industry (including fishing) carried on, wholly or partly, in Victoria; or (ii) that is carried on, wholly or partly, in Victoria in an area outside the metropolis (as defined in the Melbourne and Metropolitan Board of Works Act 1958); or (c) the business of exporting processed or unprocessed primary products (including fish) from Victoria; or (d) activities incidental to (a), (b) or (c); s. 3 Part 1—Preliminary Rural Finance Act 1988 Act No. 44/1988 3 "security" includes inscribed stock and debenture, bond, debenture stock, notes or any other document creating, evidencing or acknowledging indebtedness in respect of financial accommodation whether constituting a charge on property or not; "settler" means— (a) the lessee under a purchase lease; or (b) the transferee or assignee of the lessee under a purchase lease; or (c) the legal personal representative of the lessee under a purchase lease. 3A. How chairperson and Deputy Chairperson may be referred to (1) The Chairperson may be referred to as the Chairman or Chairwoman, as the case requires. (2) The Deputy Chairperson may be referred to as the Deputy Chairman or Deputy Chairwoman, as the case requires. S. 3A inserted by No. 115/1993 s. 19. s. 3A Part 2—Administration Rural Finance Act 1988 Act No. 44/1988 4 PART 2—ADMINISTRATION 4. Rural Finance Corporation of Victoria (1) There shall be a corporation called the Rural Finance Corporation of Victoria. (2) The Corporation— (a) shall be a body corporate with perpetual succession and an official seal; and (b) may sue and be sued in its corporate name; and (c) may acquire, hold and dispose of real and personal property; and (d) may do and suffer all acts and things that bodies corporate may by law do and suffer. (3) The Corporation holds all its real and personal property on behalf of the Crown. (4) Sub-section (3) does not— (a) limit the right of the Corporation to sue or be sued in its own name; or (b) affect any right to enforce a judgment against the Corporation; or (c) give the Corporation or the Crown any priority of right to payment of money owing to the Corporation under this Act. 5. Objectives of the Corporation The objectives of the Corporation are— (a) to promote the establishment, growth and stability of, and increased opportunities in, rural industries in Victoria; and s. 4 Part 2—Administration Rural Finance Act 1988 Act No. 44/1988 5 (b) to promote economic growth in regional Victoria; and (c) to provide financial and other services for rural industries in accordance with this Act in a profitable, efficient and competitive manner and, if appropriate, in co-operation with other financial institutions. 6. Functions of the Corporation The functions of the Corporation are— (a) to provide financial and other services to rural industries; and (b) on the direction of the Treasurer, to administer State and Commonwealth schemes of assistance or other schemes; and (c) to administer the remaining purchase leases, mortgages, contracts of sale and other interests created under the Land Settlement Act 1959 and the Soldier Settlement Act 1958; and (d) to bring together and co-ordinate financial resources for investment in rural industries; and (e) to facilitate an increase in the availability of capital and export finance to persons carrying on or seeking to establish rural industries; and (f) to provide services and advice to government with regard to rural affairs and rural industries; and (g) where appropriate, to undertake promotional activities to further the purposes of this Act. s. 6 Part 2—Administration Rural Finance Act 1988 Act No. 44/1988 6 6A. Functions of Corporation relating to VEDC (1) The functions of the Corporation include the provision of financial and other services, in accordance with this Act, to a person who, immediately before the commencement of section 20 of the Rural Finance (VEDC Abolition) Act 1993, was a party to a financial or other transaction or arrangement entered into with the Victorian Economic Development Corporation or a predecessor of that Corporation. (2) Despite sub-section (1), the functions of the Corporation under that sub-section do not include the provision to a person of financial or other services, otherwise than to rural industries, that do not arise out of transactions or arrangements to which the person was a party immediately before the commencement of section 20 of the Rural Finance (VEDC Abolition) Act 1993. (3) The Treasurer, after consultation with the Minister, may from time to time fix generally a maximum rate of interest payable on loan transactions to which the Corporation is a party by reason of sub-section (1). 7. Powers of the Corporation (1) In addition to the powers expressly conferred on it by this Act, the Corporation has power to do all things necessary or convenient for achieving its objectives and performing its functions. (2) Without limiting sub-section (1), in accordance with the guidelines set by the Treasurer, the Corporation— (a) may— (i) promote, form or establish, or participate in the promotion, formation or establishment of, a body corporate, trust or partnership; and S. 6A inserted by No. 115/1993 s. 20. s. 6A Part 2—Administration Rural Finance Act 1988 Act No. 44/1988 7 (ii) subscribe for or otherwise acquire, hold and dispose of or otherwise deal with any securities of a body corporate; and (iii) become a member of a body corporate, trust, partnership or joint venture; and (iv) enter into any arrangement for sharing of profits; and (b) may acquire, develop and dispose of land for use for rural industries. 8. Ministerial direction In the exercise of its powers and performance of its functions, the Corporation is subject— (a) to the general direction and control of the Minister and to any guidelines issued by the Minister for the implementation of government policy; and (b) to the direction and control of the Treasurer in relation to the Corporation's financial policies and practices and to any guidelines issued by the Treasurer for co-operation between the Corporation and other financial institutions. 9. Delegation The Board may, in writing, delegate to a member of the Board or a Corporation employee or a committee established by the Corporation any power of the Corporation or the Board under this Act, other than this power of delegation. 10. Board of Management (1) There shall be a Board of Management of the Corporation to exercise the powers and perform the functions of the Corporation. s. 8 S. 9 amended by No. 115/1993 s. 21. Part 2—Administration Rural Finance Act 1988 Act No. 44/1988 8 (2) The Board shall consist of— (a) not less than five and not more than seven members appointed by the Governor in Council; and (b) the Chief Executive Officer of the Corporation appointed under section 15. (3) One of the members appointed by the Governor in Council shall be appointed on the recommendation of the Treasurer. (4) Of the members appointed by the Governor in Council— (a) one shall be appointed as Chairperson of the Board; and (b) another shall be appointed as Deputy Chairperson of the Board. 11. Conditions of membership of the Board (1) The Chairperson of the Board must be appointed on a part-time basis, but other members may be appointed on a full-time or part-time basis. (2) Full-time members may engage in other employment, but only with the approval of the Governor in Council. (3) A member, unless he or she is an employee of the public service, is entitled to receive the salary and allowances (if any) determined by the Governor in Council. (4) The term of office of a member is the term (not exceeding five years) specified in the instrument of appointment, and a member is eligible for re-appointment. S. 10(4) substituted by No. 115/1993 s. 22. s. 11 S. 11(3) amended by No. 46/1998 s. 7(Sch. 1). Part 2—Administration Rural Finance Act 1988 Act No. 44/1988 9 (5) The office of a member shall become vacant if the member— (a) becomes bankrupt; or (b) without the approval of the Minister, fails to attend four consecutive meetings of the Board; or (c) is convicted of an indictable offence or of an offence that, if committed in Victoria, would be an indictable offence. (6) A member may resign by writing delivered to the Governor in Council. (7) The Governor in Council may remove a member from office if the member— (a) becomes incapable of performing his or her duties; or (b) is negligent in the performance of those duties; or (c) engages in improper conduct. (8) This section does not apply to the Chief Executive Officer of the Corporation. 11A. Acting Chairperson (1) When— (a) the office of chairperson is vacant; or (b) the Chairperson is absent from Victoria or is, for any reason, unable to attend meetings of the Board or otherwise unable to perform the duties of the office— the Deputy Chairperson must act as Chairperson. (2) While the Deputy Chairperson is acting as Chairperson, the Deputy Chairperson has and may exercise all the powers, and must perform all the duties, of the Chairperson. S. 11A inserted by No. 115/1993 s. 23. s. 11A Part 2—Administration Rural Finance Act 1988 Act No. 44/1988 10 11B. Acting Deputy Chairperson The Governor in Council may appoint a member of the Board to act as Deputy Chairperson— (a) during a vacancy in the office of Deputy Chairperson; or (b) during any period, or during all periods, when the Deputy Chairperson is acting as Chairperson or is unable, for any reason, to attend meetings of the Board. 12. Acting appointments * * * * * (2) If a member of the Board is unable to perform his or her duties, the Governor in Council may appoint another person to act in the place of that member during the period of inability. (3) An acting appointment shall be for the term and on the conditions determined by the Governor in Council. (4) The Governor in Council may at any time terminate an acting appointment. (5) A person appointed under this section has all the powers, and may perform all the functions, of the person for whom he or she is acting. 13. Proceedings of the Board (1) A majority of the members for the time being of the Board constitutes a quorum. (2) The Chairperson, or in his or her absence, the Deputy Chairperson, or in the absence of both the Chairperson and the Deputy Chairperson, a member appointed by the Board shall preside at a meeting of the Board. S. 11B inserted by No. 115/1993 s. 23. s. 11B S. 12(1) repealed by No. 115/1993 s. 24(1). S. 13(2) substituted by No. 115/1993 s. 24(2). Part 2—Administration Rural Finance Act 1988 Act No. 44/1988 11 (3) A question arising at a meeting shall be determined by a majority of votes of members present and voting on that question, and, if voting is equal, the person presiding has a second or casting vote. (4) The Board must— (a) cause minutes of all proceedings of its meetings to be entered, within one month after the relevant meeting is held, in books kept for that purpose; and (b) cause those minutes to be signed by the person who presided at the meeting at which the proceedings took place or by the person presiding at the next succeeding meeting; and (c) cause a copy of the minutes of each meeting to be given to the Minister and the Treasurer within three days after the meeting at which they are so signed. (5) Any minute that is so entered and purports to be so signed is evidence of the proceedings to which it relates. (6) If minutes have been so entered and signed, then, unless the contrary is proved— (a) the meeting shall be deemed to have been duly held and convened; and (b) all proceedings that are recorded in the minutes as having taken place at the meeting shall be deemed to have duly taken place; and (c) all appointments that are recorded in the minutes as having been made at the meeting shall be deemed to have been validly made. s. 13 Part 2—Administration Rural Finance Act 1988 Act No. 44/1988 12 (7) An act or decision of the Board is not invalid by reason only— (a) of a defect or irregularity in, or in connection with, the appointment of a member; or (b) of a vacancy in the membership of the Board, including a vacancy arising because of the failure to appoint an original member; or (c) in the case of a person appointed to act as a member or in the case of a member appointed to act as Chairperson or Deputy Chairperson, that the occasion for his or her so acting had not arisen or had ceased. (8) Subject to this section and section 14, the Board may regulate its own proceedings. 13A. Resolutions without meetings (1) If the members of the Corporation for the time being (other than a member who is absent from Australia when the other members sign) sign a document containing a statement that those members are in favour of a resolution in terms set out in the document, a resolution in those terms shall be taken to have been passed at a meeting of the Board held on the day on which the document is signed or, if the members do not sign it on the same day, on the day on which the last member to sign signs the document. (2) If a resolution is, under sub-section (1), taken to have been passed at a meeting of the Board, each member must be advised as soon as practicable and given a copy of the terms of the resolution. (3) For the purposes of sub-section (1), two or more separate documents containing a statement in identical terms, each of which is signed by one or more members, shall be taken to constitute one document. S. 13(7)(c) amended by No. 115/1993 s. 24(3). S. 13A inserted by No. 115/1993 s. 25. s. 13A Part 2—Administration Rural Finance Act 1988 Act No. 44/1988 13 14. Disclosure of interests etc. (1) A member of the Board who in any way— (a) is, whether directly or indirectly, interested in a contract or proposed contract with the Corporation; or (b) possesses any property whereby, whether directly or indirectly, interests might be created in conflict with the member's duties or interests as a member; or (c) holds any office or position whereby, whether directly or indirectly, duties might be created in conflict with the member's duties or interests as a member— must, as soon as practicable after the relevant facts have come to his or her knowledge, declare the fact and the nature, character and extent of the interest or conflict at a meeting of the Board. (2) Sub-section (1) does not apply if the interest or conflict arises only from the fact that a member of the Board is— (a) a member of the governing body of a public statutory body (other than a Royal Commission, municipality or school council) that is interested in a contract or proposed contract with the Corporation; or (b) a member or creditor of a body that is interested in a contract or proposed contract with the Corporation, if the interest of the member of the Board may properly be regarded as not being material; or (c) a member of a body one of whose clients is interested in a contract or proposed contract with the Corporation, if the member of the Board does not act personally for that client in relation to that contract and the member's s. 14 Part 2—Administration Rural Finance Act 1988 Act No. 44/1988 14 interest may properly be regarded as not being material; or (d) an office holder in a body corporate, trust or partnership in which the Corporation is involved under section 7(2)(a) and that is interested in a contract or proposed contract with the Corporation, if the member of the Board was appointed to, or nominated for, that office by the Corporation; or (e) an employee of the public service or of a public statutory body at a time when the Crown or that authority is interested in a contract or proposed contract with the Corporation; or (f) a customer of the Corporation in common with its other customers. (3) For the purposes of sub-section (1), a general notice given by a member of the Board to other members to the effect that he or she is to be regarded as being interested in any contract that may, after the date of the notice, be made with a particular body or person is sufficient declaration of interest in relation to any contract so made or proposed to be made if— (a) the notice states the nature and extent of the member's interest in relation to that body or person; and (b) when the question of confirming or entering into the contract is first taken into consideration, the extent of that interest at that time is not greater than that stated in the notice; and (c) the notice is given at a meeting of the Board or the member takes reasonable steps to ensure that it is brought up and read at the next meeting of the Board after it is given. S. 14(2)(e) amended by No. 46/1998 s. 7(Sch. 1). s. 14 Part 2—Administration Rural Finance Act 1988 Act No. 44/1988 15 (4) A declaration required by sub-section (1) in relation to the possession of any property or the holding of any office or position must be made by a person— (a) if the person possesses the property or holds the office or position when he or she becomes a member—at the first meeting of the Board held after— (i) he or she becomes a member; or (ii) the relevant facts as to the possession of the property or the holding of the office or position come to his or her knowledge— whichever is the later; or (b) if the person comes into possession of the property or commences to hold the office or position after he or she becomes a member— at the first meeting of the Board held after the relevant facts as to the possession of the property or the holding of the office or position come to his or her knowledge. (5) The Chairperson must cause every declaration under this section to be recorded in the minutes of the meeting at which it was made. (6) This section is in addition to, and not in derogation of, the operation of any Act or rule of law restricting a member of the Board from having an interest in contracts with the Corporation or from possessing property or holding offices or positions involving interests or duties in conflict with the member's interests or duties as a member. s. 14 S. 14(4)(b) amended by No. 18/1999 s. 4. Part 2—Administration Rural Finance Act 1988 Act No. 44/1988 16 15. Chief Executive Officer (1) There shall be a Chief Executive Officer of the Corporation appointed by the Board with the approval of the Treasurer. (2) The term of office of the Chief Executive Officer is the term (not exceeding five years) specified in the instrument of appointment, and the Chief Executive Officer is eligible for re-appointment. (3) Subject to this section, the terms and conditions of appointment of the Chief Executive Officer shall be set by the Board. (4) The office of the Chief Executive Officer shall become vacant if the Chief Executive Officer— (a) becomes bankrupt; or (b) is convicted of an indictable offence or of an offence that, if committed in Victoria, would be an indictable offence. (5) The Chief Executive Officer may resign by writing delivered to the Board. (6) The Board may remove the Chief Executive Officer from office if he or she— (a) becomes incapable of performing his or her duties; or (b) is negligent in the performance of those duties; or (c) engages in improper conduct. 16. Staff The Corporation may employ such staff as is necessary for the purposes of this Act on such terms and conditions as it thinks fit. s. 15 Part 2—Administration Rural Finance Act 1988 Act No. 44/1988 17 17. Application of public administration legislation (1) The Public Administration Act 2004 (other than Part 5 of that Act) does not apply to a member of the Board in respect of the office of member. (2) An employee of the Corporation, who immediately before being so employed was an employee in the public service, is eligible on ceasing to be an employee of the Corporation to be employed in the public service at a level not less than that at which he or she was last employed in the public service as if service with the Corporation were service in the public service. (3) If the Chief Executive Officer of the Corporation was immediately before appointment an employee in the public service, he or she is eligible on ceasing to be the Chief Executive Officer to be employed in the public service at a level not less than that at which he or she was last employed in the public service as if service with the Corporation were service in the public service. (4) If, immediately before appointment to the Board or as Chief Executive Officer of the Corporation or before employment by the Corporation, a person was an officer within the meaning of the State Superannuation Act 1988, the person shall, despite that appointment or employment, continue, subject to that Act, to be such an officer. S. 17 (Heading) inserted by No. 108/2004 s. 117(1) (Sch. 3 item 178.1). s. 17 S. 17(1) amended by No. 46/1998 s. 7(Sch. 1), substituted by No. 108/2004 s. 117(1) (Sch. 3 item 178.2). S. 17(2) substituted by No. 46/1998 s. 7(Sch. 1). S. 17(3) substituted by No. 46/1998 s. 7(Sch. 1). S. 17(4) amended by No. 50/1988 s. 93(2)(Sch. 2 Pt 2 item 50) (as amended by No. 81/1988 s. 34(f)). Part 3—Operations and Financial Provisions Rural Finance Act 1988 Act No. 44/1988 18 PART 3—OPERATIONS AND FINANCIAL PROVISIONS 18. Financial services (1) The Corporation may on terms and conditions determined by it— (a) lend or advance money, or provide financial accommodation, to persons carrying on or seeking to establish rural industries; and (b) give guarantees or indemnities for the repayment of money expended, or to be expended, for the purposes of rural industries; and (c) provide financial advice and similar services to persons carrying on or seeking to establish rural industries. (2) Without limiting sub-section (1), the Corporation may lend or advance money or provide financial accommodation on more favourable terms and conditions than would otherwise apply to any person who— (a) is qualified and able to carry on a particular primary industry (including fishing); and (b) lacks the necessary resources to carry on that industry and does not have access to loans, advances or financial accommodation on the terms and conditions generally imposed by financial institutions; and (c) is not more than 35 years of age (unless the Corporation determines in a particular case that this restriction should not apply). s. 18 Part 3—Operations and Financial Provisions Rural Finance Act 1988 Act No. 44/1988 19 19. Corporation as agent for the Treasurer (1) The Treasurer may direct the Corporation to administer, in accordance with his or her directions, money provided for a special purpose (whether related to rural industries or not). (2) The Treasurer may direct the Corporation to establish and operate schemes of assistance and other schemes for persons carrying on or seeking to establish rural industries or for other persons. (3) The Treasurer must cause a copy of directions under this section to be laid before each House of Parliament before the end of the seventh sitting day of that House after the directions were given. (4) For the purposes of such schemes, the Corporation may use— (a) money borrowed by it; and (b) money provided by the Commonwealth. (5) The Corporation has power to do all things necessary for or in connection with performing its functions under this section. 20. Capital The capital of the Corporation consists of— (a) the net assets, as at the commencement of this section, of the funds and accounts established under the Rural Finance Act 1958, the Rural Finance and Settlement Commission Act 1961, the Land Settlement Act 1959 and the Soldier Settlement Act 1958; and (b) the amounts from time to time declared by the Corporation, with the approval of the Treasurer, or by the Treasurer to form part of the capital of the Corporation. s. 19 Part 3—Operations and Financial Provisions Rural Finance Act 1988 Act No. 44/1988 20 21. Deposits (1) The Corporation may receive money on deposit— (a) as security under section 18; or (b) as provided in section 32(5)(b); or (c) in accordance with an authority under sub section (2). (2) The Treasurer may, by notice published in the Government Gazette, authorise the Corporation to accept money on deposit subject to any conditions that are specified in the notice. (3) The conditions referred to in sub-section (2) may include conditions as to the amount of a deposit or the manner in which, or term for which, the deposit is held or invested by the Corporation or any other conditions that the Treasurer determines. 22. Financial accommodation (1) For the purposes of performing its functions, the Corporation may, with the approval of the Treasurer, obtain financial accommodation within Australia in any one or more of the following ways— (a) by way of overdraft of account at any authorised deposit-taking institution within the meaning of the Banking Act 1959 of the Commonwealth or other financial institution; (b) by a loan; (c) by issuing, endorsing or otherwise dealing in promissory notes; (d) by drawing, accepting, endorsing or otherwise dealing in bills of exchange; S. 21 substituted by No. 18/1999 s. 3. s. 21 S. 22(1)(a) amended by No. 11/2001 s. 3(Sch. item 66). Part 3—Operations and Financial Provisions Rural Finance Act 1988 Act No. 44/1988 21 (e) by issuing, purchasing or otherwise dealing in securities; (f) by granting or taking a lease of any real or personal property for financing but not for operating purposes; (g) in any other manner approved by the Treasurer. (2) In sub-section (1), "lease" means— (a) any lease, licence, charter or hiring arrangement of any real or personal property; or (b) any arrangement under which a right to use, operate, manage or provide services in respect of any real or personal property is granted by the owner to another person. 22A. Financial arrangements (1) The Corporation may, with the approval of the Treasurer, enter into and perform arrangements within Australia for the purpose of managing, lessening, hedging or protecting against movements in interest or discount rates or other costs of obtaining financial accommodation. (2) If— (a) the Corporation entered into, or purported to enter into, a financial transaction that was not, or may not have been, an arrangement of a kind that the Corporation was authorised to enter into under sub-section (1); and S. 22A inserted by No. 115/1993 s. 26. s. 22A Part 3—Operations and Financial Provisions Rural Finance Act 1988 Act No. 44/1988 22 (b) another party to the financial transaction entered into the financial transaction in good faith and with no reason to suspect, at the time of entering into the financial transaction, the transaction was not an arrangement of a kind that the Corporation was authorised to enter into under sub section (1)— the financial transaction may be enforced as if it were an arrangement which the Corporation had been authorised to enter into. 23. Government guarantees (1) The due satisfaction of amounts payable by the Corporation as a result of or in connection with the liabilities of the Corporation or the performance of its obligations, including, without limiting the generality of the foregoing, the payment of expenses of enforcing or obtaining, or endeavouring to enforce or obtain, such satisfaction, is guaranteed by the Government of Victoria. (2) Sub-section (1) does not apply in relation to any liabilities or obligations arising out of the exercise of powers under section 7(2)(a) or 22A. (3) Any sum required to fulfil any liability arising under a guarantee under this section must be paid out of the Consolidated Fund, which is appropriated to the necessary extent. (4) The whole or any part of the benefit of a guarantee under this section may be assigned by the person for the time being entitled to its benefit, unless the terms and conditions of the guarantee otherwise provide. s. 23 S. 23(2) amended by No. 115/1993 s. 27. Part 3—Operations and Financial Provisions Rural Finance Act 1988 Act No. 44/1988 23 (5) A guarantee under this section has effect, and may be enforced, as if it were a contract made on behalf of the Crown and section 23(1)(a) of the Crown Proceedings Act 1958 applied accordingly. 24. Trustees may invest with the Corporation (1) Unless expressly forbidden by the instrument (if any) creating the trust, a trustee may invest trust funds in any securities issued by the Corporation or on deposit with the Corporation. (2) The Corporation is not affected by notice of any express or implied trust to which money deposited or invested with the Corporation is subject, unless the Corporation has expressly assumed the obligations of a trustee in relation to that money. 25. Advances from the Public Account (1) The Treasurer may advance amounts from the Public Account to the Corporation for use under this Act. (2) The Treasurer may— (a) recall an advance; or (b) declare the amount of an advance to form part of the capital of the Corporation. 26. Payments from profits to Consolidated Fund (1) In respect of each financial year, the Corporation must pay to the Treasurer for payment to the Consolidated Fund— (a) an amount equal to the total amount of income tax that would have been payable by the Corporation under Commonwealth legislation if the Corporation were not a State-owned commercial enterprise or such amount, not exceeding that amount, as is s. 24 S. 26(1)(a) amended by No. 115/1993 s. 28. Part 3—Operations and Financial Provisions Rural Finance Act 1988 Act No. 44/1988 24 determined by the Treasurer after consultation with the Corporation; and (b) such amount by way of dividend from profits as is determined by the Treasurer after consultation with the Corporation. (2) A payment under this section must be made at the times and in the manner determined by the Treasurer, and during a financial year the Corporation may make such payments on account of estimated liability for that year as are agreed to by the Treasurer. * * * * * * * * * * Ss 27, 28 repealed by No. 31/1994 s. 4(Sch. 2 item 75). S. 29 amended by No. 115/1993 s. 30(a), repealed by No. 31/1994 s. 4(Sch. 2 item 75). s. 26 Part 4—Land Settlement and Soldier Settlement Rural Finance Act 1988 Act No. 44/1988 25 PART 4—LAND SETTLEMENT AND SOLDIER SETTLEMENT 30. Saving of interests Despite the repeal of the Land Settlement Act 1959 and the Soldier Settlement Act 1958, a purchase lease, mortgage, contract of sale or other interest created under one of those Acts and continuing in effect immediately before that repeal continues to be effective subject to its terms and conditions and to this Part. 31. Additional rights and obligations The rights and obligations conferred and imposed by this Part are in addition to any rights and obligations a settler, mortgagor, purchaser under a contract of sale or other person having an interest or the Corporation may have under contract. 32. Transfer of purchase leases (1) The Corporation may, on the application of the settler, approve the transfer of a purchase lease to another person. (2) The Corporation must not approve a transfer unless— (a) an amount determined by the Corporation of not less than 10% of the outstanding capital liability of the settler under the purchase lease is paid to the Corporation on or before the transfer; and (b) in the case of a purchase lease granted under the Soldier Settlement Act 1958, the transferee agrees to the variation of the lease to provide for payment during the balance of the lease of equal yearly, half-yearly or quarterly instalments of such amounts as will provide— s. 30 Part 4—Land Settlement and Soldier Settlement Rural Finance Act 1988 Act No. 44/1988 26 (i) interest at such higher rate as the Corporation determines, but not exceeding 4·25% per annum, on the capital liability from time to time outstanding; and (ii) capital repayments sufficient to liquidate the outstanding capital liability at or before the expiration of 55 years from the date the purchase lease took effect. (3) The Corporation has power to vary a purchase lease for the purposes of sub-section (2)(b), and if a lease is so varied— (a) the Corporation must cause the variation to be endorsed on the settler's duplicate original lease and forward that duplicate to the Registrar of Titles; and (b) a recording of the instrument must be made in the Register kept under the Transfer of Land Act 1958; and (c) the lease has effect as so varied. (4) Sub-section (2) does not apply if the transferee is the surviving spouse or child of a deceased settler or, in the case of a purchase lease granted under the Soldier Settlement Act 1958, is a discharged soldier who, in the opinion of the Corporation, is suitable for settlement and has not received some other adequate form of rehabilitation. s. 32 S. 32(3)(b) substituted by No. 18/1989 s. 14(a). S. 32(3)(c) amended by Nos 18/1989 s. 14(b), 115/1993 s. 30(b). Part 4—Land Settlement and Soldier Settlement Rural Finance Act 1988 Act No. 44/1988 27 (5) An amount paid under sub-section (2)(a) must be— (a) applied to the reduction of the outstanding capital liability under the purchase lease; or (b) deposited to the credit of the transferee. (6) Subject to this section, the transferee succeeds to all the rights, obligations and liabilities of the transferor in respect of the lease. 33. Soldier settlement—right to obtain Crown grant early (1) The settler under a purchase lease granted under the Soldier Settlement Act 1958 is entitled to obtain, at any time before satisfaction in full of his or her obligations under the lease, a Crown grant of the land comprised in the lease conditionally on the settler at the same time executing a mortgage in favour of the Corporation. (2) A mortgage under this section must— (a) secure payment of the balance of money payable under the purchase lease over a period equal to the balance of the term of the lease; and (b) be in the prescribed form. (3) Subject to sub-section (4), interest on the principal secured by a mortgage under this section is payable at the rate fixed from time to time by the Treasurer. (4) While— (a) land subject to a mortgage under this section remains in the ownership of the discharged soldier who was allocated the land or in the ownership of his widow or surviving child; and s. 33 Part 4—Land Settlement and Soldier Settlement Rural Finance Act 1988 Act No. 44/1988 28 (b) the Corporation is satisfied that the mortgage is being complied with or that there is reasonable excuse for non-compliance— the Corporation must accept interest at the rate of 2% per annum as full settlement of the interest due on the principal secured by the mortgage. (5) While paying interest at the rate specified in sub section (4), a mortgagor may with the approval of the Corporation— (a) mortgage or lease, or enter into a share farming agreement with respect to, the land; or (b) reside off the land or not be personally engaged in its management. (6) The Corporation must not withhold approval under sub-section (5) unless there are special circumstances that in its opinion make granting of that approval unreasonable. (7) Land subject to a mortgage under this section must not be transferred without the approval of the Corporation, and, except in the case of a transfer to the widow or surviving child of a discharged soldier, that approval must be conditional on interest being paid at the rate specified in sub-section (3) as from the date of registration of the transfer. (8) No fee or other charge is payable for registration in the Titles Office of a mortgage under this section or the discharge of such a mortgage. 34. Land settlement—if Crown grant obtained early The following provisions apply if a Crown grant is obtained in accordance with a purchase lease granted under the Land Settlement Act 1959 before satisfaction in full of the settler's obligations under the lease: s. 34 Part 4—Land Settlement and Soldier Settlement Rural Finance Act 1988 Act No. 44/1988 29 (a) A mortgage executed by the settler to secure payment of the balance of money payable under the purchase lease shall be subject to such covenants and conditions as the Corporation thinks fit; (b) Interest on the principal secured by such a mortgage is payable at the rate fixed from time to time by the Treasurer. 35. Provisions applying to dealings with respect to purchase leases The following provisions apply to a dealing by way of transfer, assignment or mortgage of a purchase lease or by sub-letting or entering into a share-farming arrangement with respect to land comprised in a purchase lease: (a) The settler must give written notice to the Corporation of a proposed dealing; (b) Except in the case of a transfer to the surviving spouse or child of the settler, the Corporation must not approve a proposed dealing unless all instalments due and payable under the purchase lease have been paid; (c) Except if the transfer will be to the surviving spouse or child of the settler, when considering a proposed transfer of a purchase lease granted under the Soldier Settlement Act 1958, the Corporation must take into account— (i) the farming qualifications and experience and financial position of the proposed transferee; and (ii) whether the transfer would tend towards an undesirable aggregation of estates; s. 35 Part 4—Land Settlement and Soldier Settlement Rural Finance Act 1988 Act No. 44/1988 30 (d) The Corporation's approval must be given under seal, and a dealing may not be registered under the Transfer of Land Act 1958 without approval being so given. 36. Advance payments under purchase leases (1) If all amounts due and payable under or in respect of a purchase lease have been paid, the settler may make additional payments for the reduction of the outstanding liability under the lease. (2) The Treasurer may from time to time fix rates of interest to apply to payments in credit under this section. 37. Surrender of purchase lease and grant of new lease (1) If it considers it proper to do so, the Corporation may, on behalf of the Crown, accept the surrender of a purchase lease, and the Governor in Council may grant a new purchase lease in lieu of the surrendered lease. (2) If a new purchase lease is so granted— (a) the lease may be expressed to take effect (and, if so expressed, has effect) from an earlier date so as— (i) to cover the whole or any part of the period of the surrendered lease; and (ii) to treat the whole or any part of the rental purchase instalments paid by the settler under the surrendered lease as rental purchase instalments under the new lease; or (b) the settler may otherwise be given credit under the new lease for rental purchase instalments paid under the surrendered lease. S. 35(d) amended by No. 18/1989 s. 14(c). s. 36 Part 4—Land Settlement and Soldier Settlement Rural Finance Act 1988 Act No. 44/1988 31 (3) A new purchase lease shall be treated as if it had been granted under the same Act as the surrendered lease. 38. Crown grant on satisfaction of purchase lease On satisfaction in full of his or her obligations under a purchase lease, the settler is entitled to obtain a Crown grant of the land comprised in the lease. 39. Crown grants generally (1) This section applies to Crown grants under sections 33, 34 and 38. (2) A Crown grant is subject to the covenants, conditions, exceptions and reservations imposed by the Governor in Council. (3) Any registered encumbrance that applied to the purchase lease or to the land comprised in the purchase lease applies to the Crown grant and to the land so granted, and the Registrar of Titles must make the appropriate amendments to any relevant folio of the Register. 40. Settlers are owners and occupiers for certain purposes For the purposes of any Act relating to local government, public health, sewerage, drainage, water supply or dividing fences, a settler is deemed to be the owner and occupier of the land comprised in the purchase lease. 41. Rental purchase deemed to be rent The instalments of rental purchase payable under a purchase lease are deemed to be rent payable under the lease and may be recovered by the Corporation in the same way as rent is recoverable by law. s. 38 S. 39(3) amended by No. 18/1989 s. 14(d). Part 4—Land Settlement and Soldier Settlement Rural Finance Act 1988 Act No. 44/1988 32 42. Forfeiture of purchase leases (1) If satisfied that a settler has breached his or her purchase lease, the Corporation may, on behalf of the Crown, forfeit the lease. (2) The Corporation must serve written notice of a proposed forfeiture on the settler and must allow the settler reasonable opportunity to appear before the Board. (3) If the Corporation decides to forfeit a purchase lease— (a) it must serve written notice of that decision on the settler; and (b) the settler may, within one month after service of that notice, appeal against that decision to the County Court. (4) An appeal will be a re-hearing, and the Court may substitute its own decision for that of the Corporation. (5) Forfeiture is effective— (a) if an appeal is made to the County Court and the Court decides to forfeit the lease, at the time nominated by the Court; or (b) if such an appeal is not made, at the expiry of one month after service on the settler of the notice of the Corporation's decision. (6) Notices under this section must be served personally on a settler, unless the County Court, on the application of the Corporation, makes an order for service in another manner. s. 42 Part 4—Land Settlement and Soldier Settlement Rural Finance Act 1988 Act No. 44/1988 33 43. Payments on surrender or forfeiture On the surrender or forfeiture of a purchase lease, the Corporation may pay to the out-going settler, or to the person who is, in the Corporation's opinion, entitled to payment, the difference between— (a) the value of the land comprised in the purchase lease and of the improvements to that land, as estimated by the Corporation; and (b) the whole of the settler's liability to the Corporation or such part of that liability as the Corporation considers is properly chargeable against that land and those improvements. 44. Mortgages under Part 7 of the Soldier Settlement Act The following provisions apply to a mortgage under Part VII of the Soldier Settlement Act 1958— (a) the mortgagor may not engage in employment unconnected with the land, except with the approval of the Corporation; (b) the mortgagor may not deal with the land, or any part of it, by sale, contract for sale, mortgage, transfer, conveyance, assignment, lease or share-farming agreement, except with the approval of the Corporation; (c) the mortgagor, or the mortgagor's legal personal representative, must give written notice to the Corporation of a proposed dealing; s. 43 Part 4—Land Settlement and Soldier Settlement Rural Finance Act 1988 Act No. 44/1988 34 (d) except in the case of the transfer of land to the surviving spouse or child of the mortgagor, the Corporation, when considering a proposed dealing, must take into account— (i) the farming qualifications and experience and financial position of the proposed purchaser, transferee, assignee or tenant; and (ii) whether the dealing would tend towards an undesirable aggregation of estates; (e) approval under paragraph (a) or (b) may be withheld only in special circumstances that in the Corporation's opinion make granting of the approval unreasonable; (f) if by a proposed dealing ownership of land will pass from a discharged soldier, or from the surviving spouse or child of a discharged soldier, the Corporation's approval must be conditional on the new owner entering into a fresh mortgage under which— (i) interest will be paid at a rate to be fixed by the Treasurer; and (ii) the period of payment will not exceed the balance of the period of payment under the existing mortgage; (g) if all amounts due and payable under or in respect of the mortgage have been paid, the mortgagor may make additional payments for the reduction of the outstanding liability under the mortgage; (h) the Treasurer may from time to time fix rates of interest to apply to payments in credit under paragraph (g); s. 44 Part 4—Land Settlement and Soldier Settlement Rural Finance Act 1988 Act No. 44/1988 35 (i) no fee or other charge is payable for registration under the Transfer of Land Act 1958 of a mortgage under this section or the discharge of such a mortgage. 45. Interest on overdue instalments (1) If an instalment payable under a purchase lease or a mortgage is not paid on the due date or within 30 days after that date— (a) interest is payable at the rate of 5% per annum from the due date until the instalment is paid; and (b) that interest may be recovered in the same way as the instalment is recoverable. (2) If, because of drought, flood, fire or other adversity suffered by a settler or mortgagor, the Corporation considers it inequitable to require payment of interest on overdue instalments, the Corporation may waive payment, or part payment, for the period and on the terms and conditions it thinks appropriate. 46. Land under contract of sale The following provisions apply to land sold under section 5A of the Land Settlement Act 1959— (a) on payment in full of the purchase price of the land, the purchaser, or the purchaser's nominee, is entitled to a Crown grant of the land; (b) before such payment, the Governor in Council may, on the Corporation's recommendation, give a Crown grant conditionally on the purchaser at the same time executing— (i) a mortgage in favour of the Corporation for payment of the balance of the purchase price; and S. 44(i) amended by No. 18/1989 s. 14(c). s. 45 Part 4—Land Settlement and Soldier Settlement Rural Finance Act 1988 Act No. 44/1988 36 (ii) such additional security as the Corporation requires; (c) the Corporation may not make such a recommendation unless satisfied that adequate security is available for payment of the balance of the purchase price; (d) a Crown grant under this section is subject to such conditions, covenants, reservations and exceptions as the Governor in Council thinks fit; (e) a mortgage under this section is subject to such terms and conditions as the Corporation thinks fit; (f) the Treasurer may at any time in writing require the whole or a part of any money received in respect of land to which this section applies to be paid into the Consolidated Fund. 47. Vesting of land in the Corporation on forfeiture etc. (1) On— (a) forfeiture of a purchase lease; or (b) surrender of a purchase lease without issue of a new lease; or (c) the exercise of a right of rescission of a contract of sale under section 5A of the Land Settlement Act 1959— the land comprised in or subject to the purchase lease or contract vests in the Corporation in fee simple. (2) The Corporation must publish in the Government Gazette notice of the vesting of land in it under this section. s. 47 Part 4—Land Settlement and Soldier Settlement Rural Finance Act 1988 Act No. 44/1988 37 48. Unused land under the repealed Acts to vest in the Corporation (1) On the commencement of this section, the land to which this section applies vests in the Corporation in fee simple. (2) The Corporation must publish in the Government Gazette notice of the vesting of land in it under this section. (3) This section applies to land that— (a) was set apart or acquired under and for the purposes of the Land Settlement Act 1959 or Soldier Settlement Act 1958; and (b) as at the commencement of this section— (i) is Crown land; and (ii) is not subject to a purchase lease or contract of sale under either of those Acts. 49. Generally as to vesting (1) Land vests in the Corporation under section 47 or 48 subject to the covenants, conditions, exceptions and reservations imposed by the Governor in Council at the time of vesting or at any time before the Corporation is registered as proprietor of the land. (2) The covenants, conditions, exceptions and reservations must be stated in the notice of vesting of the land published in the Government Gazette. (3) On production of a copy of the issue of the Government Gazette containing that notice, the Registrar of Titles must register the Corporation as proprietor of the land referred to in the notice subject to the covenants, conditions, exceptions and reservations stated in the notice. s. 48 Part 4—Land Settlement and Soldier Settlement Rural Finance Act 1988 Act No. 44/1988 38 (4) The Corporation may deal with land that vests in it under section 47 or 48 in the same way as it has power to deal with land otherwise acquired by it. s. 49 Part 5—Miscellaneous Rural Finance Act 1988 Act No. 44/1988 39 PART 5—MISCELLANEOUS 50. Insurance (1) The Corporation may require a settler to insure, and keep insured, any property subject to the purchase lease against loss or damage by fire or other prescribed cause. (2) The Corporation may require a mortgagor to whom Part 4 applies to insure, and keep insured, any property subject to the mortgage and liable to loss or damage by fire or other prescribed cause. (3) The Corporation may require a purchaser under a contract of sale to which section 46 applies to insure, and keep insured, any property subject to the contract against loss or damage by fire or other prescribed cause. (4) The Corporation may require a person who has borrowed money or received an advance or financial accommodation from it to insure, and keep insured, any property that is security for the loan, advance or accommodation against loss or damage by fire or other prescribed cause. (5) The following provisions apply to a requirement to insure— (a) the requirement may be to insure— (i) for the amount approved by the Corporation; and (ii) for the risks approved by the Corporation; and (iii) with an insurance company approved by the Corporation or with the Corporation itself; s. 50 S. 50(5)(a) substituted by No. 115/1993 s. 29. Part 5—Miscellaneous Rural Finance Act 1988 Act No. 44/1988 40 (b) in the case of insurance to be effected with an approved insurance company— (i) the interest of the Corporation must be noted on the policy; and (ii) if the Corporation so requires, evidence of the policy and payment of the premium must be provided to the Corporation. (c) in the case of insurance to be effected with the Corporation, the Corporation— (i) is empowered to undertake that insurance business; and (ii) may determine the amount of insurance required, the amount of the premiums payable and other terms and conditions; and (iii) may repair or restore damaged property instead of paying insurance money; and (iv) may deduct from any insurance money any amount owing to the Corporation in respect of the insured property; (d) the entering into of a contract of insurance in accordance with this section is deemed to be sufficient compliance with any term relating to insurance in the purchase lease, mortgage, contract of sale or other contract or instrument; (e) the Corporation may re-insure any risk insured under this section on such terms and conditions as it thinks fit with any insurance company approved by the Treasurer. S. 50(5)(b) substituted by No. 115/1993 s. 29. s. 50 Part 5—Miscellaneous Rural Finance Act 1988 Act No. 44/1988 41 51. Payment of municipal rates etc. by the Corporation (1) The Corporation must pay to each municipality in whose municipal district there is land vested in the Corporation amounts agreed between them, or, in default of agreement, determined by the Minister, to be equivalent to the rates that would have been payable if the land were rateable land. (2) The Corporation may pay to any other public authority amounts agreed between them to be equivalent to the rates that would have been payable to the authority in respect of land vested in the Corporation if the land were rateable land. 52. Appointment of attorneys The Corporation may, by instrument under its seal, appoint a person to be its attorney, and the person may, subject to that instrument, do any act or exercise any power or function that is authorised by the instrument. 53. Offence to misapply money received from the Corporation A person who borrows money or receives an advance or financial accommodation from the Corporation and who, directly or indirectly, uses the money, or causes or permits the money to be used, for a purpose other than the purpose for which the loan, advance or accommodation was made is guilty of an offence. Penalty: 5 penalty units. 54. Immunity An action does not lie against a member of the Board, an employee of the Corporation or a person acting on the Corporation's behalf for anything done, or not done, in good faith in the course of carrying out, or purporting to carry out, his or her duties in that capacity. s. 51 Part 5—Miscellaneous Rural Finance Act 1988 Act No. 44/1988 42 55. Confidentiality A former or present member of the Board or employee of the Corporation or a person who has acted or is acting on the Corporation's behalf must not disclose information acquired in that capacity except— (a) in the normal course of the Corporation's business; or (b) with the consent of the person to whom the information relates; or (c) when authorised or required by law to do so. Penalty: 20 penalty units. 56. Freedom of Information Act 1982 not to apply The Corporation is not a prescribed authority for the purposes of the Freedom of Information Act 1982. 57. Regulations (1) The Governor in Council may make regulations for or with respect to— (a) prescribing forms; and (b) securities issued by the Corporation, including the form of, issue of, rights attached to, keeping of registers of and sale and transfer of such securities; and (c) making and issuing Crown grants; and (d) prescribing fees; and (e) generally prescribing any other matter or thing required or permitted by this Act to be prescribed or necessary to be prescribed to give effect to this Act. s. 55 Part 5—Miscellaneous Rural Finance Act 1988 Act No. 44/1988 43 (2) The regulations— (a) may be of general or limited application; and (b) may leave matters to be determined or approved by the Board; and (c) may differ according to differences in time, place or circumstances. s. 57 Part 6—Transitional Provisions, Repeals and Amendments Rural Finance Act 1988 Act No. 44/1988 44 PART 6—TRANSITIONAL PROVISIONS, REPEALS AND AMENDMENTS 58. Transitional provisions relating to the Corporation (1) The Corporation is the successor of the Rural Finance Commission, the Rural Finance and Settlement Commission, the Rural Finance Corporation and the Soldier Settlement Commission. (2) Without affecting the generality of sub-section (1), the assets and liabilities of the Rural Finance Commission as at the commencement of this section are the assets and liabilities of the Corporation. (3) On and after that commencement, unless the context otherwise requires, a reference in any Act or subordinate instrument or in any document whatever to the Rural Finance Commission, the Rural Finance and Settlement Commission, the Rural Finance Corporation or the Soldier Settlement Commission is a reference to the Corporation. (4) Any person who, immediately before that commencement, was employed under the Rural Finance and Settlement Commission Act 1961 becomes, on that commencement, an employee of the Corporation with the same rights and entitlements as he or she had before that commencement. 59. Transitional provision * * * * * s. 58 S. 59(1)–(4) repealed by No. 115/1993 s. 30(c). Part 6—Transitional Provisions, Repeals and Amendments Rural Finance Act 1988 Act No. 44/1988 45 (5) Despite the repeal of the Land Settlement Act 1959 and the Soldier Settlement Act 1958, those Acts continue to apply, until the commencement of section 48 of this Act, to land that— (a) was set apart or acquired under and for the purposes of either of those Acts; and (b) as at the commencement of this section— (i) is Crown land; and (ii) is not subject to a purchase lease or contract of sale under either of those Acts. * * * * * * * * * * ═══════════════ S. 59(6) repealed by No. 115/1993 s. 30(c). S. 60 repealed by No. 115/1993 s. 30(d). s. 59 Rural Finance Act 1988 Act No. 44/1988 46 ENDNOTES 1. General Information Minister's second reading speech— Legislative Assembly: 1 March 1988 (as Rural Development Bank Bill) Legislative Council: 6 May 1988 (as Rural Finance Bill) The long title for the Bill for this Act was "A Bill relating to the provision of financial services and assistance to rural industries; to provide for the administration of the remaining leases, mortgages, contracts of sale and other interests created under the Land Settlement Act 1959 and the Soldier Settlement Act 1958; to repeal the Rural Finance and Settlement Commission Act 1961, the Rural Finance Act 1958, the Land Settlement Act 1959 and the Soldier Settlement Act 1958; to make consequential amendments to certain other Acts; and for other purposes.". The Rural Finance Act 1988 was assented to on 24 May 1988 and came into operation on 1 July 1988: Government Gazette 29 June 1988 page 1896. Endnotes Rural Finance Act 1988 Act No. 44/1988 47 2. Table of Amendments This Version incorporates amendments made to the Rural Finance Act 1988 by Acts and subordinate instruments. ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– State Superannuation Act 1988, No. 50/1988 (as amended by No. 81/1988) Assent Date: 24.5.88 Commencement Date: S. 93(2) (Sch. 2 Pt 2 item 50) on 1.7.88: Government Gazette 1.6.88 p. 1487 Current State: This information relates only to the provision/s amending the Rural Finance Act 1988 Transfer of Land (Computer Register) Act 1989, No. 18/1989 Assent Date: 16.5.89 Commencement Date: 3.2.92: Government Gazette 18.12.91 p. 3488 Current State: All of Act in operation Rural Finance (VEDC Abolition) Act 1993, No. 115/1993 Assent Date: 7.12.93 Commencement Date: 7.12.93 Current State: All of Act in operation Financial Management (Consequential Amendments) Act 1994, No. 31/1994 Assent Date: 31.5.94 Commencement Date: S. 4(Sch. 2 item 75) on 1.1.95: Government Gazette 28.7.94 p. 2055 Current State: This information relates only to the provision/s amending the Rural Finance Act 1988 Public Sector Reform (Miscellaneous Amendments) Act 1998, No. 46/1998 Assent Date: 26.5.98 Commencement Date: S. 7(Sch. 1) on 1.7.98: s. 2(2) Current State: This information relates only to the provision/s amending the Rural Finance Act 1988 Rural Finance (Amendment) Act 1999, No. 18/1999 Assent Date: 18.5.99 Commencement Date: 18.5.99 Current State: All of Act in operation Statute Law Amendment (Authorised Deposit-taking Institutions) Act 2001, No. 11/2001 Assent Date: 8.5.01 Commencement Date: S. 3(Sch. item 66) on 1.6.01: s. 2(2) Current State: This information relates only to the provision/s amending the Rural Finance Act 1988 Endnotes Rural Finance Act 1988 Act No. 44/1988 48 Public Administration Act 2004, No. 108/2004 Assent Date: 21.12.04 Commencement Date: S. 117(1)(Sch. 3 item 178) on 5.4.05: Government Gazette 31.3.05 p. 602 Current State: This information relates only to the provision/s amending the Rural Finance Act 1988 ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Endnotes Rural Finance Act 1988 Act No. 44/1988 49 3. Explanatory Details No entries at date of publication. Endnotes