Northern Territory Numbered Acts Northern Territory Numbered Acts(1) A legal practitioner who, in the practitioner's capacity as legal practitioner for a lender or contributor, is responsible for the administration of a regulated mortgage must not transfer the mortgage to a responsible entity for a managed investment scheme unless the lender or contributor has given the practitioner written authority to transfer the mortgage to the entity.
(2) For this section, a legal practitioner transfers a regulated mortgage to a responsible entity when the practitioner does anything that results in:
(a) a responsible entity for a managed investment scheme becoming the holder or custodian of the mortgage; or
(b) any advances of money made in relation to the mortgage, or the property that is charged or encumbered by the mortgage, becoming scheme property (as defined in the Corporations Act) of a managed investment scheme.