76Treasurer's indemnity against loss

76 Treasurer's indemnity against loss

S. 76(1) substituted by Nos 6909 s. 3, 7097 s. 7, amended by Nos 7225 s. 2, 7521 s. 2(a)(b), substituted by No. 7983 s. 4, amended by Nos 8462 s. 3, 8543 s. 4, 8586 s. 2, 8786 s. 5(a), 8882 s. 2, 9601 s. 2.

(1) Where a society proposes to make an advance to a member upon the security of any land and a dwelling-house erected or to be erected thereon and the amount of the advance less the value of the share capital of the member does not exceed an amount to be determined from time to time by the Governor in Council then the Treasurer of Victoria may enter into an agreement with the society proposing to make the advance and may by such agreement undertake to indemnify the society against such of the loss sustained by the society in respect of that advance as is directly attributable to the fact that the amount of the advance reduced by the value of the share capital of the member exceeded eighty per centum of the value of the security.

S. 76(1A) inserted by No. 6909 s. 3, amended by Nos 10254 s. 43(d), 48/1992 s. 102(b), 37/1999 s. 58(Sch. 2 Pt 1 item 18).

(1A) For the purposes of subsection (1) of this section the value of the land and dwelling-house which is proposed as the security for an advance shall be ascertained in such manner as the Registrar directs.

S. 76(2) amended by No. 37/1999 s. 58(Sch. 2 Pt 2 item 11).

(2) Any such agreement shall operate and have effect until the mortgage given by the member to the society is assigned or transferred by the society or the registrar certifies to the Treasurer of Victoria that the amount owing to the society by the member in respect of the advance to which the agreement relates, reduced by the value of the share capital of the member, is not more than sixty-six and two-thirds per centum of the value of the land and dwelling-house as ascertained in accordance with the last preceding subsection.

S. 76(3) amended by Nos 10254 s. 43(d), 48/1992 s. 102(b), 37/1999 s. 58(Sch. 2 Pt 1 item 18).

(3) The value of the share capital of a member of any society shall, for the purposes of this Division of this Part, be calculated in such manner as the Registrar directs.

(4) Any direction given under the last preceding subsection shall be given in relation to the society specified in the direction and shall not be altered while any agreement with that society under this Division of this Part has effect.

No. 6138 s. 77.