28BCertain contracts with minors to be valid

28B Certain contracts with minors to be valid S. 28B(1) amended by Nos 9427 s. 5(Sch. 4 item 9), 57/1989 s. 3(Sch. item 166.5(a)). (1) Notwithstanding anything to the contrary in section 49 of the **Supreme Court Act 1986** or in any rule of common law or equity the following contracts, whether entered into before or after the commencement of the **Property Law** **(Loans to Minors) Act 1965** shall be as valid and binding on a minor for all purposes as if the minor were of full age at the time he entered into the contract, namely— S. 28B(1)(a) amended by No. 9427 s. 5(Sch. 4 item 9). (a) any contract at any time entered into by a minor member— S. 28B(1)(a)(i) amended by Nos 9427 s. 6(1)(Sch. 5 item 145), 57/1989 s. 3(Sch. item 166.5(b)). (i) of a building society registered under the **Building Societies Act 1986** or any corresponding previous enactment; S. 28B(1)(a)(ii) amended by No. 57/1989 s. 3(Sch. item 166.5(c)), substituted by No. 84/1996 s. 467(Sch. 6 item 11.1), amended by No. 9/2013 s. 42(Sch. 2 item 15). (ii) of a co-operative registered under the Co‑operatives National Law (Victoria) or any corresponding previous enactment; (iii) of a co-operative housing society registered under the **Co-operative Housing Societies Act 1958** or any corresponding previous enactment; and (iv) of any industrial and provident society registered under the **Industrial and Provident Societies Act 1958** or any corresponding previous enactment— for the repayment of moneys lent or advanced or to be lent or advanced to the minor by any such society; S. 28B(1)(aa) inserted by No. 7376 s. 2, amended by No. 9427 s. 5(Sch. 4 item 9). (aa) any contract at any time entered into by a minor— S. 28B(1)(aa)(i) amended by Nos 9427 s. 6(1)(Sch. 5 item 145), 57/1989 s. 3(Sch. item 166.5(d)). (i) with a building society registered under the **Building Societies Act 1986** or any corresponding previous enactment; or (ii) with an industrial and provident society registered under the **Industrial and Provident Societies Act 1958** or any corresponding previous enactment— for the repayment of moneys lent or advanced or to be lent or advanced to the minor by any such society; S. 28B(1) (b)–(e) repealed by No. 9075 s. 5(2). S. 28B(2) amended by Nos 9075 s. 5(1)(2), 9427 s. 5(Sch. 4 item 9). (2) A minor who has entered into any contract referred to in the last preceding subsection, whether before or after the commencement of the **Property Law (Loans to Minors) Act 1965**, shall not at any time be entitled on any ground relating to his minority or former minority to avoid any of his obligations under the contract or under any instrument executed by the minor whereby the repayment of any moneys lent or advanced is secured or to repudiate any contract transfer conveyance or assignment relating to any property charged by any such instrument. S. 28B(3) amended by No. 9427 s. 5(Sch. 4 item 9). (3) Any instrument executed or purporting to have been executed by a minor by way of security for the repayment of any moneys lent or advanced or to be lent or advanced to the minor in pursuance of a contract of a kind referred to in subsection (1) of this section shall be as valid and effectual for all purposes as if the minor were of full age and capacity at the time he executed the instrument. (4) For the purposes of this section— S. 28B(4)(a) amended by No. 9427 s. 5(Sch. 4 item 9). (a) any reference in this section to a contract entered into by a minor shall be read and construed as including reference to a contract entered into by a minor jointly with some other person or persons (whether of full age or not); S. 28B(4)(b) amended by No. 9427 s. 5(Sch. 4 item 9). (b) any reference in this section to moneys lent or advanced or to be lent or advanced to a minor shall be read and construed as including reference to moneys lent or advanced or to be lent or advanced to the order of a minor or to a minor jointly with some other person or persons (whether of full age or not); and S. 28B(4)(c) amended by No. 9427 s. 5(Sch. 4 item 9). (c) any reference in this section to an instrument executed by a minor shall be read and construed as including reference to an instrument executed by a minor jointly with some other person or persons (whether of full age or not). No. 3754 s. 29. S. 29 amended by Nos 9075 s. 5(1), 10087 s. 3(1)(Sch. 1 item 189).