222Exempt mortgages and supporting instruments

#### 222 Exempt mortgages and supporting instruments 222 Exempt mortgages and supporting instruments > > (1) This Chapter does not apply to a mortgage executed before 1 January 1975. > > > (2) Other instruments that are exempt from payment of mortgage duty are— > > > > > (a) a mortgage created solely for the purpose of providing security in accordance with a condition imposed on the grant of bail in criminal proceedings, and > > > > > (b) a mortgage taken by a non-profit organisation in conjunction with a lease in respect of which no duty is chargeable under this Act, and > > > > > (c) a mortgage of any ship or vessel, or of any part, interest, share or property of or in any ship or vessel, and > > > > > (d) a mortgage given by the Government of the Commonwealth or the Government of New South Wales or by any public statutory body constituted under a law of this State, and > > > > > (e) (Repealed) > > > > > (f) a mortgage under the [Liens on Crops and Wool and Stock Mortgages Act 1898](/view/html/repealed/current/act-1898-007), and > > > > > (f1) an instrument that creates a security interest in crops or livestock (within the meaning of the [Personal Property Securities Act 2009](http://www.legislation.gov.au/) of the Commonwealth), and > > > > > (g) a mortgage that secures an amount advanced by an employer or a related body corporate of an employer to an employee of the employer, for the purpose of financing a purchase by the employee of shares in the employer, or a related body corporate of the employer, if the amount advanced (and the total of all advances that the mortgage secures) does not exceed $16,000. > > > (3) The exemption provided by subsection (2) (d) does not apply to a mortgage given by a public statutory body in relation to a transaction, or any one of a class of transactions, specified in a proclamation made by the Governor and published in the Gazette in respect of the public statutory body concerned. > > > (4) Duty is not chargeable in respect of a mortgage made or given by— > > > > > (a) a council, county council or joint organisation under the [Local Government Act 1993](/view/html/inforce/current/act-1993-030), or > > > > > (b) the State Insurance Regulatory Authority. > > > (5) Duty is not chargeable on an instrument referred to in section 205 (d) if it is executed for the purposes of money market trading operations conducted or to be conducted by the person executing the instrument. > > > (6) Duty is not chargeable in respect of a mortgage— > > > > > (a) that is taken or is to be taken by the Sydney Futures Exchange Clearing House or the Options Clearing House Pty. Limited, and > > > > > (b) that is or will be made available to it by a clearing member of the market, and > > > > > (c) that does not secure an advance. > > > (7) Duty under this Chapter is not chargeable on a charge over land that is created under an agreement for the sale or transfer of the land if any part of the deposit or balance of the purchase price for the land is paid to the vendor (or as the vendor directs) before completion of the sale or transfer. > > **s 222:** Am 1998 No 104, Sch 2 \[30\]; 2002 No 108, Sch 1 \[28\]–\[30\]; 2005 No 51, Sch 1 \[23\]; 2005 No 69, Sch 5.4; 2010 No 46, Sch 1.3 \[31\]; 2010 No 57, Sch 1.6; 2015 No 19, Sch 15.4; 2017 No 65, Sch 2.8 \[1\].