Conveyancing Amendment Act 2012

Conveyancing Amendment Act 2012

An Act to amend the Conveyancing Act 2004

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

1.   Short title

This Act may be cited as the Conveyancing Amendment Act 2012 .

2.   Commencement

This Act commences on the day on which this Act receives the Royal Assent.

3.   Principal Act

In this Act, the Conveyancing Act 2004 is referred to as the Principal Act.

4.    Section 3 amended (Interpretation)

Section 3(1) of the Principal Act is amended by omitting the definition of approved institution and substituting the following definition:

approved institution means an authorised deposit-taking institution with which a scheme of arrangement that –

(a) relates in whole or in part to the keeping of trust accounts for the purposes of this Act; and

(b) is in force –

has been entered into under section 162 of the Property Agents and Land Transactions Act 2005 ;

5.    Section 48A inserted

After section 48 of the Principal Act , the following section is inserted in Part 5:

48A.   Certain trust accounts taken to have been maintained

A conveyancer who maintained, during a period before the commencement of the Conveyancing Amendment Act 2012 , a trust account with an authorised deposit-taking institution that would have been an approved institution if that Act and the Property Agents and Land Transactions Amendment Act 2012 had been in force during the period, is to be taken to have maintained the account with an approved institution during the period.

6.   Repeal of Act

This Act is repealed on the ninetieth day from the day on which it commences.

[Second reading presentation speech made in:

House of Assembly on 17 APRIL 2012

Legislative Council on 28 JUNE 2012]