379Transfer of mortgages to responsible entity

379 Transfer of mortgages to responsible entity (1) If a solicitor, in the solicitor’s capacity as solicitor for a lender or contributor, is responsible for the administration of a regulated mortgage, the solicitor must not transfer the mortgage to a responsible entity for a managed investment scheme unless the lender or contributor has given the solicitor written authority to transfer the mortgage to the responsible entity. (2) A contravention of this section can be professional misconduct. scheme property—see the Corporations Act, section 9. transfer a regulated mortgage to a responsible entity—a solicitor transfers a regulated mortgage to a responsible entity if the solicitor does anything that results in— (a) a responsible entity for a managed investment scheme becoming the holder or custodian of the regulated mortgage; or (b) any money advanced in relation to the mortgage, or the property that is charged or encumbered by the mortgage, becoming scheme property of a managed investment scheme.