We reproduce below the principal legislative provisions in Queensland relating to summaries and registers of investment transactions.

Queensland Law Society Rules

R68F (3) Where a practitioner prepares a document securing or evidencing a loan by more than one individual that practitioner must deliver to each lender before the loan is made a statement by the practitioner specifying the following and must obtain from each lender an acknowledgement of receipt and an authority to make the loan in accordance with that statement:-

(i) A statement that the loan is a contributory one and consequently that every lender cannot himself hold the document and that a lender cannot without the approval and co-operation of his co-lenders exercise any remedy if the borrower defaults;

(ii) A statement of the professional and other fees if any and estimated outlays that the practitioner will charge in connection with the negotiation of the loan and in the preparation execution stamping and registration of that loan document;

(iii) A statement that no fee except as disclosed under (ii) will be charged by the practitioner nor will the practitioner or any other practitioner or member of his family or staff participate in such fee if charged by another person;

(iv) A statement containing the following:

The amount to be lent by each lender;

The name and address of each lender;

The total amount of the loan;

The rate of interest;

The terms of repayment including any right to early repayments;

The real property description (if applicable) and address of the property charged;

The amount of any valuation held by the practitioner;

Details of any prior charge;

Special conditions (if any).

(v) A statement that investment in accordance with this authority will waive any claim under the Legal Practitioners' Fidelity Guarantee Fund.

(4) A security document in circumstances of subclause (3) hereof must only be taken in the names of all individuals who are lenders thereunder as tenants in common in their respective interests.

R68G (1) This rule does not apply to any security of which the practitioner is the beneficial owner or to any security held by any practitioner or other party in his or its capacity as the trustee of any will or settlement.

(2) Every practitioner who -

(a) prepares a loan or security document, the principal or interest of which is to be collected by that practitioner, or

(b) is authorised to collect the principal or interest under any loan or security document, except on any discharge or partial discharge of the document,

shall keep a mortgage register and shall enter in that mortgage register the particulars specified in the schedule hereto within one month after-

(i) the date on which the first loan under the loan or security is made; or

(ii) the date on which the loan or security becomes one to which this rule applies,

which ever date last occurs.

(3) Every practitioner who prepares a variation of any loan or security document to which subrule (2) of this rule applies shall, within one month thereafter, enter in the mortgage register such of the particulars specified in the said schedule as may in the circumstances be necessary, in consequence of such variation to maintain the accuracy of the mortgage register.

Schedule

Particulars to be Specified in Mortgage Register

(1) Name and address of lender;

(2) Name and address of borrower;

(3) Amount of principal sum lent;

(4) The date on which the principal sum was lent;

(5) The date or dates on which the principal sum of any part is repayable;

(6) The rate of interest and the dates on which each instalment of interest will fall due for payment;

(7) The security for the payment of the loan in sufficient detail to enable the security to be readily identified and where applicable title particulars or alternatively that the loan is unsecured; and

(8) The registration or dealing number, certificate number or other identification as is relevant.