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Contents (2010 - 42)
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Residential Tenancies Act 2010 No 42
Current version for 7 July 2017 to date (accessed 19 August 2017 at 05:58)
Part 8 Division 5
Division 5 Functions of Board relating to residential accommodation
180   Joint ventures for residential accommodation
(1)  The Board may, with the approval of the Minister and the concurrence of the Treasurer, enter into a joint venture (including a partnership and any other association) with other persons or bodies, whether or not incorporated.
(2)  The joint venture is to be for the purpose of the development (including the acquisition, management, leasing and disposal) of land for or in connection with the provision of residential accommodation.
181   Joint venture powers
(1)  The Board may, for the purposes of such a joint venture, with the approval of the Minister:
(a)  form, or participate in the formation of, a private corporation, and
(b)  purchase, hold, dispose of or deal with shares in, or subscribe to the issue of shares by, any private corporation, and
(c)  make advances of money or provide other financial accommodation to any person or body (whether or not incorporated) participating in the joint venture or acting for or on behalf of the joint venture, and
(d)  do any other things that are necessary or convenient for, or incidental to, the joint venture.
(2)  A corporation in which the Board has a controlling interest because of its shareholding in the capital of the company is not and does not represent the Crown.
182   Investment in residential accommodation unit trusts
(1)  The Board may invest money in units in a residential accommodation unit trust and may, with the approval of the Minister, underwrite the issue of units in such a trust.
(2)  A residential accommodation unit trust is a unit trust providing for participation by unit holders in income and profits arising from the development of property that wholly or partly comprises residential accommodation.
(3)  Development of property includes the acquisition, holding, management, leasing and disposal of property.
183   Guarantees etc by Board
(1)  The Board may, with the approval of the Minister:
(a)  guarantee the due performance of an obligation incurred by a person or body in connection with a scheme for the provision of residential accommodation, and
(b)  make good a loss incurred by a person or body in connection with a scheme for the provision of residential accommodation, and
(c)  indemnify a person or body against a liability incurred under a guarantee (provided by the person or body) of the kind which the Board could provide under this section, and
(d)  enter into and give effect to an agreement to do anything which the Board is authorised to do under this section.
(2)  The following are examples of schemes for the provision of residential accommodation:
(a)  a joint venture that the Board enters into under this Division,
(b)  a residential accommodation unit trust in which the Board is empowered to invest under this Division.
(3)  A permissible method of making good a loss involving such a residential accommodation unit trust is investment in units in the trust.
184   Finance
(1)  Amounts may be paid from the Rental Bond Interest Account to meet expenditure by the Board under this Division.
(2)  Amounts may also be paid from the Rental Bond Account to meet so much of that expenditure as is attributable to the provision of financial accommodation (including advances).
(3)  Interest and other income accruing to the Board in connection with any investment made, financial accommodation provided or joint venture entered into under this Division must be paid into the Rental Bond Interest Account.