sec.31Ensuring heads of agreement is given effect accurately

sec.31 Ensuring heads of agreement is given effect accurately

This section applies if a farmer and mortgagee who entered into a heads of agreement for a farm business debt are also the parties to a contract, mortgage or other document entered into to give effect to the heads of agreement. The mortgagee must ensure the contract, mortgage or other document gives effect to the heads of agreement accurately. Maximum penalty for subsection (2) —100 penalty units. If a corporation commits an offence against this provision, an executive officer of the corporation may be taken, under section 89 , to have also committed the offence. (sec.31-ssec.1) This section applies if a farmer and mortgagee who entered into a heads of agreement for a farm business debt are also the parties to a contract, mortgage or other document entered into to give effect to the heads of agreement. (sec.31-ssec.2) The mortgagee must ensure the contract, mortgage or other document gives effect to the heads of agreement accurately. Maximum penalty for subsection (2) —100 penalty units. If a corporation commits an offence against this provision, an executive officer of the corporation may be taken, under section 89 , to have also committed the offence.