sec.598Reassessment—concessions for cooperatives

### sec.598 Reassessment—concessions for cooperatives This section applies if— before 1 July 2008, a mortgage was given to secure an advance to a cooperative registered under the Cooperatives Act 1997 ; and mortgage duty was not imposed on the mortgage; and on or after 1 July 2008, the advance or part of it was used for a noncomplying use within the meaning of section 292(1). Section 292(2) to (4) applies to enable the commissioner to make a reassessment to impose mortgage duty on the mortgage at the rate applicable at the time that, but for the exemption, the liability for mortgage duty would have arisen. s 598 ins 2008 No. 39 s 19 (sec.598-ssec.1) This section applies if— before 1 July 2008, a mortgage was given to secure an advance to a cooperative registered under the Cooperatives Act 1997 ; and mortgage duty was not imposed on the mortgage; and on or after 1 July 2008, the advance or part of it was used for a noncomplying use within the meaning of section 292(1). (sec.598-ssec.2) Section 292(2) to (4) applies to enable the commissioner to make a reassessment to impose mortgage duty on the mortgage at the rate applicable at the time that, but for the exemption, the liability for mortgage duty would have arisen. - (a) before 1 July 2008, a mortgage was given to secure an advance to a cooperative registered under the Cooperatives Act 1997 ; and - (b) mortgage duty was not imposed on the mortgage; and - (c) on or after 1 July 2008, the advance or part of it was used for a noncomplying use within the meaning of section 292(1).