Housing Loans Insurance Corporation (Transfer of Pre-transfer Contracts) Act 2006

No. 141, 2006

An Act to transfer pre‑transfer contracts, associated documents and certain related rights and liabilities of the Commonwealth, and for related purposes

[Assented to 30 November 2006]

The Parliament of Australia enacts:

Part 1—Preliminary

1 Short title

This Act may be cited as the Housing Loans Insurance Corporation (Transfer of Pre‑transfer Contracts) Act 2006.

2 Commencement

This Act commences on the day after it receives the Royal Assent.

3 Definitions

In this Act:

acquirer means the person who is declared to be the acquirer for the purposes of this Act under subsection 5(1).

associated document means a document that:

(a) was owned by the Commonwealth immediately before the vesting day; and

(b) contains information that a person requires to manage a pre‑transfer contract.

exempt matter means:

(a) the vesting of an asset, right or liability under this Act; or

(b) the operation of this Act in any other respect.

liability means any liability, duty or obligation, whether actual, contingent or prospective.

pre‑transfer contract means a contract:

(a) that is a contract of insurance (including such a contract that is of a kind known as a cover note); and

(b) that is in force; and

(c) the ownership of which was vested in the Commonwealth under paragraph 7(1)(c) of the Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996.

relevant legislative instrument means a legislative instrument (within the meaning of the Legislative Instruments Act 2003) that, immediately before the vesting day:

(a) was in force; and

(b) contained references to the Housing Loans Insurance Corporation that were taken, under section 8 of the Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996, to be references to the Commonwealth.

right means any right, power, privilege or immunity, whether actual, contingent or prospective.

vesting day means the day declared to be the vesting day for the purposes of this Act under subsection 5(1).

4 Act binds the Crown

This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory, of the Northern Territory and of Norfolk Island.

Part 2—Declaration

5 Vesting day and acquirer

(1) The Minister may, by written instrument, declare that:

(a) a specified day is the vesting day for the purposes of this Act; and

(b) a specified person is the acquirer for the purposes of this Act.

(2) The day specified in the instrument must not be earlier than the day on which the instrument is made.

Publication in Gazette

(3) The Minister must publish a copy of an instrument made under subsection (1) in the Gazette.

(4) A failure to comply with subsection (3) does not affect the validity of any declaration made under this section.

Instruments not legislative instruments

(5) An instrument made under subsection (1) is not a legislative instrument.

Part 3—Transfer to acquirer

6 Transfer to acquirer

On the vesting day:

(a) each pre‑transfer contract and associated document ceases to be an asset of the Commonwealth and becomes an asset of the acquirer without any conveyance, transfer or assignment; and

(b) any rights of the Commonwealth:

(i) under a pre‑transfer contract or an associated document; or

(ii) in respect of anything done, or purported to be done, under a pre‑transfer contract or an associated document;

become rights of the acquirer without any conveyance, transfer or assignment; and

(i) under a pre‑transfer contract or an associated document; or

(ii) in respect of anything done, or purported to be done, under a pre‑transfer contract or an associated document;

become liabilities of the acquirer without any conveyance, transfer or assignment; and

(d) the acquirer becomes the successor in law in relation to the pre‑transfer contracts, associated documents, rights and liabilities.

7 Certain instruments to continue in force

Pre‑transfer contracts

(1) On and after the vesting day, each pre‑transfer contract continues to have effect according to its terms. However, each reference in a pre‑transfer contract to the Housing Loans Insurance Corporation is taken (except in relation to matters that occurred before the vesting day) to be a reference to the acquirer.

Relevant legislative instruments

(2) On and after the vesting day, each relevant legislative instrument continues to have effect according to its terms. However each reference in a relevant legislative instrument to the Housing Loans Insurance Corporation is taken (except in relation to matters that occurred before the vesting day) to be a reference to the following:

(a) if the regulations specify that the reference is taken to be a reference to a particular person—the person;

(b) otherwise—the Commonwealth.

8 Exemption from stamp duty and other State or Territory taxes

(1) No stamp duty or other tax is payable under a law of a State or a Territory in respect of an exempt matter, or anything connected with an exempt matter.

(2) The Minister may certify in writing:

(a) that a specified matter is an exempt matter; or

(b) that a specified thing was connected with a specified exempt matter.

(3) In all courts, and for all purposes (other than for the purposes of criminal proceedings), a certificate made under subsection (2) is prima facie evidence of the matters stated in the certificate.

(4) A document that appears to be a certificate made under subsection (2):

(a) is taken to be such a certificate; and

(b) is taken to have been properly given;

unless the contrary is established.

Part 4—Other matters

9 Appropriation

(1) There is to be paid to the acquirer such amounts that the Commonwealth agrees to pay to the acquirer under an agreement between the Commonwealth and the acquirer that comes into effect on the vesting day.

(2) The amounts payable under subsection (1) are to be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.

10 Delegation

(1) The Minister may, by writing, delegate all or any of his or her powers and functions under sections 5 and 8 of this Act to:

(a) the Secretary of the Department; or

(b) an SES employee, or acting SES employee, in the Department.

(2) In exercising powers or functions under a delegation, the delegate must comply with any directions of the Minister.

11 Regulations

(1) The Governor‑General may make regulations prescribing matters:

(a) required or permitted by this Act to be prescribed; or

(b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.

(2) In particular, regulations may be made prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the enactment of this Act and the repeal of the Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996.