80Mortgage arising from certain home ownership schemes—exemption from subsection 50(1) of the Code

#### 80 Mortgage arising from certain home ownership schemes—exemption from subsection 50(1) of the Code (1) This regulation applies to: (a) the home ownership scheme operated by the Mt Newman Joint Venturers, being: (i) BHP Billiton Minerals Pty Ltd ACN 008 694 782; and (ii) Mitsui‑Itochu Iron Pty Ltd ACN 088 702 761; and (iii) CI Minerals Australia Pty Ltd ACN 009 256 259; and (b) the home ownership scheme operated by the Mount Goldsworthy Mining Associates Joint Venturers, being: (i) BHP Billiton Minerals Pty Ltd ACN 008 694 782; and (ii) Mistsui Iron Ore Corporation Pty Ltd ACN 050 157 456; and (iii) CI Minerals Australia Pty Ltd ACN 009 256 259; that assist employees, whether alone or jointly with one or more other persons, to purchase land owned respectively by the Mt Newman Joint Venturers and the Mount Goldsworthy Mining Associates Joint Venturers. (2) Subsection 50(1) of the Code does not apply to any mortgage created over an interest that is acquired by an employee under a contract for the purchase of land entered into by the employee, whether alone or jointly with one or more other persons, under a home ownership scheme to which this regulation applies. (3) In this regulation: > employee means: (a) if BHP Billiton Iron Ore Pty Ltd ACN 008 700 981 is the manager of the Mt Newman Joint Venture or the Mount Goldsworthy Mining Associates Joint Venture: (i) an employee of that corporation; or (ii) an employee of a corporation that is a related body corporate in relation to BHP Billiton Iron Ore Pty Ltd; or (b) if BHP Billiton Iron Ore Pty Ltd ceases to manage the Mt Newman Joint Venture or the Mount Goldsworthy Mining Associates Joint Venture—an employee of the person for the time being exercising the functions of the manager of the Mt Newman Joint Venture or of the Mount Goldsworthy Mining Associates Joint Venture. > Note: Section 50 of the Code provides that a mortgage can not be created over employees’ remuneration or employment benefits or benefits under a superannuation scheme unless the regulations permit it to do so.