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(e) (Repealed)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, and

(f1) an instrument that creates a security interest in crops or livestock (within the meaning of the Personal Property Securities Act 2009 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, or