Queensland Consolidated Acts

IPSWICH TRADES HALL ACT 1986 - SECT 8

8 Effect on mortgages of attaining purposes of Act

(1) Upon the registration of the transfer and surrender to Her Majesty of the Bell Street lands, being the registration referred to in section 5 , those lands shall be thereby freed and discharged from—

(a) any charge created by a mortgage encumbrance that affected those lands; and

(b) any equitable charge claimed to affect those lands;

immediately before the registration.

(2) Upon the termination of the perpetual leases over the Nicholas Street lands, being the termination referred to in section 7 , those lands shall be thereby freed and discharged from—

(a) any charge created by a mortgage encumbrance that affected those lands; and

(b) any equitable charge claimed to affect those lands;

immediately before the termination.

(3) The provisions of subsection (1) or (2) shall not affect the continued operation of personal covenants or undertakings entered into by the registered proprietor or lessee of the lands therein referred to before the registration or, as the case may be, the termination therein referred to.