(1) Mortgage duty is not chargeable on a mortgage solely securing the repayment of advances arising from the issue by a financial corporation or a related corporation of a debenture.
(2) Mortgage duty is not chargeable on a mortgage in respect of advances arising from the issue by a financial corporation or a related corporation of a debenture if the mortgage secures in part the repayment of those advances.
(3) This section applies to a debenture issued, or a mortgage executed, by a related corporation only in so far as the debenture is issued, or the mortgage is executed, for the purposes of raising funds to be used for a financial corporation.
(4) In this section—
"financial corporation" means a corporation whose sole or principal business is providing finance to the public, including making loans to the public;
S. 171(4) def. of
related corporation amended by No. 44/2001 s. 3(Sch.
item 32.7).
"related corporation", in relation to a particular financial corporation means
a corporation that is, with respect to the financial corporation, a
related body corporate within the meaning of the Corporations Act.
Part 5—Miscellaneous