3Definitions

3 Definitions (1) In this Act unless inconsistent with the context or subject-matter— S. 3(1) def. of *authorised deposit-taking institution* inserted by No. 11/2001 s. 3(Sch. item 81.1(a)). ***authorised deposit-taking institution*** has the same meaning as in the Banking Act 1959 of the Commonwealth; S. 3(1) def. of *authorized dealer in the short term money market* inserted by No. 9204 s. 2(a)(i), substituted by No. 9699 s. 23, repealed by No. 44/2001 s. 3(Sch. item 117). S. 3(1) def. of *authorized investments* repealed by No. 104/1995 s. 3. S. 3(1) def. of *bank* inserted by No. 9204 s. 2(a)(ii), amended by Nos 29/1988 s. 57(18)(a), 94/1990 s. 40(14)(a), repealed by No. 11/2001 s. 3(Sch. item 81.1(b)). ***bankrupt*** includes ***insolvent***; S. 3(1) def. of *building society* inserted by No. 9653 s. 2(2), substituted by No. 8/1986 s. 139(5), repealed by No. 60/2001 s. 5(1). ***contingent right*** as applied to land includes a contingent or executory interest, a possibility coupled with an interest, whether the object of the gift or limitation of the interest or possibility is or is not ascertained, also a right of entry, whether immediate or future, and whether vested or contingent; ***convey*** and ***conveyance***, applied to any person, include the execution or doing by that person of every necessary or suitable assurance act and thing for conveying, assigning, appointing, surrendering or otherwise transferring or disposing of property; S. 3(1) def. of *Court* amended by Nos 16/1986 s. 24, 110/1986 s. 140(2). ***Court*** means the Supreme Court and, in relation to property or an estate or interest in property the value of which property does not exceed the jurisdictional limit of the County Court, the Supreme Court or the County Court; ***execute*** includes the doing of all acts and things necessary for a conveyance, and with reference to an instrument not under seal means sign, and derivatives of ***execute*** have corresponding meanings; S. 3(1) def. of *guaranteed certificate* inserted by No. 10143 s. 5(1)(a), repealed by No. 60/2001 s. 5(2). ***income*** includes rents and profits; ***instrument*** includes Act of Parliament; S. 3(1) def. of *land* amended by No. 92/1990 s. 128(Sch. 1 item 30(a)(b)). ***land*** includes land of any tenure buildings or parts of buildings, whether the division is horizontal, vertical or made in any other way, and other corporeal hereditaments; also a rent and other incorporeal hereditaments, and an easement, right, privilege or benefit in, over or derived from land, and also an undivided share in land; and ***hereditaments*** means real property which under an intestacy might formerly have devolved on an heir; S. 3(1) def. of *legal practitioner* inserted by No. 18/2005 s. 18(Sch. 1 item 109.1), amended by No. 17/2014 s. 160(Sch. 2 item 99). ***legal practitioner*** means an Australian legal practitioner; ***mortgage*** and ***mortgagee*** include and relate to every estate and interest regarded in equity as merely a security for money, and every person deriving title under the original mortgagee; S. 3(1) def. of *mortgage-backed certificate* inserted by No. 10143 s. 5(1)(b), substituted as *mortgage-backed security* by No. 17/1988 s. 4, repealed by No. 60/2001 s. 4. S. 3(1) def. of *mortgage investment certificate* inserted by No. 112/1986 s. 4(2), repealed by No. 60/2001 s. 4. ***pay*** and ***payment*** as applied in relation to stocks and securities and in connexion with the expression ***into court*** include the deposit or transfer of the same in or into court; ***personal representative*** means the executor, original or by representation, or administrator for the time being of a deceased person; ***possession*** includes receipt of rents and profits or the right to receive the same (if any); and ***possessed*** applies to receipt of income of and to any vested estate less than a life estate, legal or equitable, in possession or in expectancy in any land; ***property*** includes real and personal property, and any estate share and interest in any property, real or personal, and any debt, and any thing in action, and any other right or interest, whether in possession or not; S. 3(1) def. of *recognized institution* inserted by No. 10143 s. 5(1)(c), repealed by No. 60/2001 s. 5(2). ***rights*** includes estates and interests; ***sale*** includes an exchange; S. 3(1) def. of *securities* substituted by No. 9204 s. 2(a)(iii). ***securities*** includes— (a) stocks and shares; (b) any debenture, debenture stock, bond, note or other security; S. 3(1) def. of *securities payable to bearer* inserted by No. 9204 s. 2(a)(iii), repealed by No. 60/2001 s. 5(1). ***stock*** includes fully paid up shares, and so far as relates to vesting orders made by the Court under this Act, includes any fund, annuity, or security transferable in books kept by any company or society, or by instrument of transfer either alone or accompanied by other formalities, and any share or interest therein; ***tenant for life statutory owner settled land settlement trustees of the settlement*** and ***term* *of years absolute*** have the same meanings as in the **Settled Land Act 1958**; ***transfer*** in relation to stock or securities includes the performance and execution of every deed, power of attorney, act, and thing on the part of the transferor to effect and complete the title in the transferee; ***trust*** does not include the duties incident to an estate conveyed by way of mortgage, but with this exception the expressions ***trust*** and ***trustee*** extend to implied and constructive trusts and to cases where the trustee has a beneficial interest in the trust property, and to the duties incident to the office of a personal representative, and ***trustee*** where the context admits, includes a personal representative, and ***new trustee*** includes an additional trustee; ***trust for sale*** in relation to land means an immediate binding trust for sale, whether or not exercisable at the request or with the consent of any person, and with or without power at discretion to postpone the sale; ***trustees for sale*** means the persons (including a personal representative) holding land on trust for sale; S. 3(1) def. of *trustee company* amended by No. 10168 s. 3. ***trustee company*** means a trustee company under the **Trustee Companies Act 1984**. (2) Any reference to the investment loan or advance of trust money by a trustee on the security of property shall be construed to include a reference to such investment loan or advance on the transfer of an existing security as well as on a new security. Pt 1B (Heading) inserted by No. 17/1988 s. 5(1)(b), repealed by No. 17/1988 s. 6. S. 3A inserted by No. 10143 s. 5(2), amended by Nos 10230 s. 4(a)–(i), 91/1994 s. 36(11)(a)(b), 104/1995 s. 5, 46/1998 s. 7(Sch. 1), 12/1999 s. 4(Sch. 2 item 19.1), 11/2001 s. 3(Sch. item 81.2), repealed by No. 17/1988 s. 6. Pt 1C (Heading and ss 3AC–3AE) inserted by No. 17/1988 s. 7, amended by Nos 46/1998 s. 7(Sch. 1), 74/2000 s. 3(Sch. 1 item 132.1), repealed by No. 60/2001 s. 3. Pt 1D (Heading) inserted by No. 17/1988 s. 5(1)(c), repealed by No. 60/2001 s. 3. S. 3B inserted by No. 112/1986 s. 4(1), amended by Nos 17/1988 s. 5(2)(a)–(c) (as amended by No. 17/1993 s. 13(2)), 84/1991 s. 21(3), 45/1994 s. 42(Sch. item 12.2), repealed by No. 60/2001 s. 3. ss 5–12. Pt 1 (Heading and ss 4–12).[[1]](#endnote-2) Part I—Investments S. 4 substituted by No. 104/1995 s. 4.