sec.46Category 3 investment power

### sec.46 Category 3 investment power Category 3 investment power includes category 2 investment power and the power to invest in all or any of the following, regardless of the period of the investment— the first legal or first statutory mortgage of an estate in fee simple in land in any State; the purchase of— land in fee simple in any State; or leasehold land in the State held under a lease that is for a term of 40 years or more and that is unexpired at the time of the purchase; or subject to the Land Act 1994 , a freeholding lease of land held from the State under that Act; debentures or other securities charged on the funds or property of a local government; an investment arrangement prescribed under a regulation for this paragraph. In this section— freeholding lease means— a pre-Wolfe freeholding lease, or post-Wolfe freeholding lease, that was an agricultural farm under the repealed Land Act 1962 ; or a grazing homestead freeholding lease. grazing homestead freeholding lease see Land Act 1994 , schedule 6 . post-Wolfe freeholding lease see Land Act 1994 , schedule 6 . pre-Wolfe freeholding lease see Land Act 1994 , schedule 6 . s 46 prev s 46 om 1988 No. 55 s 15 pres s 46 ins 1996 No. 54 s 8 sub 1999 No. 69 s 7 sch (sec.46-ssec.1) Category 3 investment power includes category 2 investment power and the power to invest in all or any of the following, regardless of the period of the investment— the first legal or first statutory mortgage of an estate in fee simple in land in any State; the purchase of— land in fee simple in any State; or leasehold land in the State held under a lease that is for a term of 40 years or more and that is unexpired at the time of the purchase; or subject to the Land Act 1994 , a freeholding lease of land held from the State under that Act; debentures or other securities charged on the funds or property of a local government; an investment arrangement prescribed under a regulation for this paragraph. (sec.46-ssec.2) In this section— freeholding lease means— a pre-Wolfe freeholding lease, or post-Wolfe freeholding lease, that was an agricultural farm under the repealed Land Act 1962 ; or a grazing homestead freeholding lease. grazing homestead freeholding lease see Land Act 1994 , schedule 6 . post-Wolfe freeholding lease see Land Act 1994 , schedule 6 . pre-Wolfe freeholding lease see Land Act 1994 , schedule 6 . - (a) the first legal or first statutory mortgage of an estate in fee simple in land in any State; - (b) the purchase of— (i) land in fee simple in any State; or (ii) leasehold land in the State held under a lease that is for a term of 40 years or more and that is unexpired at the time of the purchase; or (iii) subject to the Land Act 1994 , a freeholding lease of land held from the State under that Act; - (i) land in fee simple in any State; or - (ii) leasehold land in the State held under a lease that is for a term of 40 years or more and that is unexpired at the time of the purchase; or - (iii) subject to the Land Act 1994 , a freeholding lease of land held from the State under that Act; - (c) debentures or other securities charged on the funds or property of a local government; - (d) an investment arrangement prescribed under a regulation for this paragraph. - (i) land in fee simple in any State; or - (ii) leasehold land in the State held under a lease that is for a term of 40 years or more and that is unexpired at the time of the purchase; or - (iii) subject to the Land Act 1994 , a freeholding lease of land held from the State under that Act; - (a) a pre-Wolfe freeholding lease, or post-Wolfe freeholding lease, that was an agricultural farm under the repealed Land Act 1962 ; or - (b) a grazing homestead freeholding lease.