Tasmanian Bills Clause Notes Tasmanian Bills Clause Notes[Index] [Search] [Download] [Bill] [Help]
CLAUSE NOTES
Conveyancing Amendment Bill 2012
Clause 1 Short Title
The Act is referred to as the Conveyancing
Amendment Bill 2012
Clause 2 Commencement
Provides that the Act commences on the day on
which it receives Royal Assent.
Clause 3 Principal Act
Provides that the Conveyancing Act 2004 is the
Principal Act.
Clause 4 Section 3 amended (Interpretation)
Amends section 3(1) of the Principal Act by
substituting a new definition of "approved
institution."
Clause 5 Section 48A inserted
Inserts a new section 48A that provides
retrospectivity for trust accounting arrangements
that conformed to the requirements set out in this
Act.
Clause 6 Repeal of Act
Provides for the repeal of this Act 19 days after
commencement.
Property Agents and Land Transactions Amendment Bill
2012
Clause 1 Short Title
The Act is referred to as the Property Agents
and Land Transactions Amendment Act 2012.
Clause 2 Commencement
Provides that the Act commences on the day
on which it is proclaimed.
Clause 3 Principal Act
Provides that the Property Agents and Land
Transactions Act 2005 is the Principal Act.
Clause 4 Section 162 amended (Board may enter
into schemes of arrangement)
Provides that the Property Agents' Board
may enter into schemes of arrangement with
authorised deposit taking institutions for
certain purposes including the payment of
interest on money held in trust accounts for
the purposes of the Conveyancing Act 2004
Clause 5 Section 165 amended (Level of Guarantee
Fund)
Omits the reference to the Conveyancing Act
in s165. Complaints about conveyancers and
thus demands on the Guarantee Fund are
made under the Property Agents and Land
Transactions Act, rather than under the
Conveyancing Act.
Clause 6 Section 169 amended (Right to claim
compensation)
Amends section 169(2) to correct a drafting
error ie. the reference to the Auctioneers and
Real Estate Agents Council, rather than the
Property Agents Board.
Clause 7 Section 213A inserted
Inserts new section 213A that provides
retrospectivity for trust accounting
arrangements that conformed to the
requirements set out in this Act and in the
Conveyancing Act 2004
Clause 8 Repeal of Act
Provides for the repeal of this Act 19 days after
commencement.