Joint Family Homes Repeal Bill

Joint Family Homes Repeal Bill EXPLANATORY NOTE GENERAL POLICY STATEMENT This Bill repeals the Joint Family Homes Act 1964. This Bill also repeals section 16(2) of the Family Protection Act 1955. CLAUSE BY CLAUSE ANALYSIS Clause 1 is the Title clause. Clause 2 is the commencement clause, which provides that the Act comes into force 1 year after the date on which it receives the Royal assent. Clause 3 provides for the repeal of the Joint Family Homes Act 1964 (the principal Act ). Clause 4 provides for the revocation of regulations made under the principal Act. Clause 5 provides that if both husband and wife are still living, they shall remain as joint tenants of any settled property despite any loss of entitlement implicit in section 3 of the principal Act. Clause 6 states that section 16(2) of the Family Protection Act 1955 is repealed. The Parliament of New Zealand enacts as follows: 1 Title This Act is the Joint Family Homes Repeal Act 2012 . 2 Commencement This Act comes into force 1 year after the date on which it receives Royal assent. 3 Repeal of Joint Family Homes Act 1964 The Joint Family Homes Act 1964 (1964 No 65) is repealed. 4 Regulations revoked The following regulations are revoked: a the Joint Family Homes Regulations 1965 (SR 1965/65): b the Joint Family Homes (Specified Sum) Order 2002 (SR 2002/364). 5 Provision for joint family homes Despite any loss of entitlement implicit in section 3 of the Joint Family Homes Act 1964, any settled property (if both husband and wife are still living) remains vested in them as joint tenants. 6 Consequential repeal Section 16(2) of the Family Protection Act 1955 is repealed.