South Australian Current Acts South Australian Current Acts24A—Certain contracts with infants for the repayment of loans to be
valid
(1) Notwithstanding
anything to the contrary contained in any other Act or in any rule of common
law or equity the following contracts, whether entered into before or after
the commencement of the Law of Property Act Amendment Act 1966 shall be
as valid and binding on an infant for all purposes as if the infant were of
full age at the time he entered into the contract, namely—
(a) any
contract entered into by an infant not under the age of eighteen years with
the State Bank of South Australia for the repayment of moneys advanced or to
be advanced to the infant by the said bank under the provisions of the
Advances for Homes Act 1928 ; and
(b) any
contract entered into by an infant not under the age eighteen years with the
South Australian Housing Trust or any institution or society within the
meaning of the Homes Act 1941 for the repayment of moneys lent or to be
lent to the infant by the said Trust or any such institution or society; and
(c) any
contract entered into by an infant not under the age of eighteen years—
(i)
with a building society registered under the Building
Societies Act 1881 ; or
(ii)
with an industrial and provident society registered under
the Industrial and Provident Societies Act 1923 ,
for the repayment of moneys lent or advanced or to be lent or advanced to the
infant by any such society; and
(d) any
contract entered into by an infant not under the age of eighteen years for the
repayment of moneys lent or advanced or to be lent or advanced to the infant
by a bank or life assurance company or society for the purpose of purchasing
or erecting a dwelling house for his own occupation; and
(e) any
contract entered into by an infant not under the age of eighteen years with
any building contractor for the purchase or erection of a dwelling house for
his own occupation.
(2) An infant who has
entered into any contract referred to in the last preceding subsection,
whether before or after the commencement of the Law of Property Act Amendment
Act 1966 shall not at any time be entitled on any ground relating to his
infancy or former infancy to avoid any of his obligations under the contract
or under any instrument executed by the infant whereby the repayment of any
moneys lent or advanced is secured or to repudiate any contract or any
transfer, conveyance or assignment to any such infant relating to any property
charged by him.
(3) Any instrument
executed or purporting to have been executed by an infant by way of security
for the repayment of any moneys lent or advanced or to be lent or advanced to
the infant in pursuance of a contract of a kind referred to in
subsection (1) of this section shall be as valid and effectual for all
purposes as if the infant were of full age and capacity at the time he
executed the instrument.
(4) For the purposes
of this section—
(a) any
reference in this section to a contract entered into by an infant shall be
read and construed as including reference to a contract entered into by an
infant jointly with some other person or persons (whether of full age or not);
and
(b) any
reference in this section to moneys lent or advanced or to be lent or advanced
to an infant shall be read and construed as including reference to moneys lent
or advanced or to be lent or advanced to the order of an infant or to an
infant jointly with some other person or persons (whether of full age or not);
and
(c) any
reference in this section to an instrument executed by an infant shall be read
and construed as including reference to an instrument executed by an infant
jointly with some other person or persons (whether of full age or not); and
(d) any
reference in this section to an instrument shall include an instrument
registrable under the provisions of the Real Property Act 1886 .