Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) A legal practitioner must not, in the practitioner's capacity as legal practitioner for a lender or contributor, negotiate the making of or act in relation to a regulated mortgage unless:
(a) the mortgage is a Territory regulated mortgage; or
(b) the mortgage is a run-out mortgage; or
(c) the mortgage forms part of a managed investment scheme operated by a responsible entity.
(2) A legal practitioner must not, in the practitioner's capacity as legal practitioner for a lender or contributor, negotiate the making of or act in relation to a regulated mortgage except under:
(a) the Corporations Act, or that Act as modified by any ASIC exemption or the regulations under that Act; and
(b) this Act.
(3) A legal practitioner must not, in the practitioner's capacity as legal practitioner for a lender or contributor, negotiate the making of or act in relation to a regulated mortgage that forms part of a managed investment scheme unless the legal practitioner complies with any ASIC exemption that applies to managed investment schemes that:
(a) have more than 20 members; and
(b) are operated under the supervision of the Law Society under that exemption.
(4) Subsection (3) applies even if the regulated mortgage forms part of a managed investment scheme that has no more than 20 members.
(5) Subsection (3) does not apply if the managed investment scheme is operated by a responsible entity.
(6) A legal practitioner who knows an associate has contravened a requirement mentioned in subsection (1), (2) or (3) must give written notice to the Society of that fact within 21 days after becoming aware of the contravention.