6Power of Minister to sell TDA home mortgages

6 Power of Minister to sell TDA home mortgages

(1)  The Minister may, with the approval of the Treasurer and without such notice or consent as may be required by any other law, sell any TDA home mortgage to any person on such terms and conditions as the Minister thinks fit.

(2)  On a sale under subsection (1) the purchaser succeeds to the rights and liabilities of the Authority under the mortgage.

(3)  On a sale under subsection (1) , the Minister must cause to be laid before each House of Parliament a report in accordance with subsection (4) .

(4)  The report is to be laid before the House within 15 sitting days of the House after the expiration of 60 days after the sale takes effect and is to include –

(a) a statement of the date on which the sale was completed; and

(b) a description of the mortgages which are the subject of the sale; and

(c) full particulars of the consideration for the sale and of any other money payable in respect of the sale; and

(d) a summary of the effect of any guarantees or indemnities provided in connection with the sale; and

(e) a statement of the manner of application of the proceeds of the sale; and

(f) a statement of any other terms or conditions of the sale which in the opinion of the Minister are material.