Document ID: chunk:federal_register_of_legislation:C2024C00682:schedule:1:p31
Version: federal_register_of_legislation:C2024C00682
Segment Type: schedule
Provision Reference: sch 1 (pt 31/50)
Character Range: 147279–150113

do so the Commonwealth may terminate the Agreement.
    29.3 Meaning of "rectify the failure"
    The expression "rectify the failure" in this Clause shall include, where appropriate, taking steps or adopting procedures to ensure that a similar breach does not occur again in the future.
    29.4 Immediate Termination
    Where:
      (a) an order is made or a resolution is passed for the winding up, or the dissolution without winding up, of the Bank (except for the purposes of reconstruction or amalgamation with the consent of the Commonwealth);
      (b) the Bank becomes insolvent or is unable to pay its debts within the meaning of Section 364 (2) of the Companies Code in the State in which the Bank is incorporated;
      (c) the Bank enters into an arrangement, reconstruction or composition with its creditors or with any of them whereby the Bank affects an assignment of all or substantially all of its property for the benefit of its creditors;
      (d) a receiver is appointed to the Bank;
      (e) pursuant to the provisions of the Companies Code of the State in which the Bank is incorporated or the corresponding legislation of any other State or Territory the Bank is placed under official management;
      (f) the Bank merges, amalgamates or reconstructs if that results in the merged, reconstructed or amalgamated entity having no authority, power or facilities to effectively perform the Bank's obligations under this Agreement;
      (g) the Bank assigns its rights or obligations under this Agreement in whole or in part without the consent of the other party;
      (h) pursuant to the Banking Act 1959 as amended the Reserve Bank of Australia appoints an officer to investigate the affairs of the Bank or the Reserve Bank of Australia assumes control of and carries on the business of the Bank; or
      (i) the Bank loses its approval to carry on banking business in Australia,
    then the Commonwealth shall be entitled by notice in writing to immediately terminate this Agreement.
    29.5 Effects of termination
        29.5.1 Upon the termination of this Agreement for any reason the exclusive rights granted to the Bank in Clause 3 shall be terminated and the Commonwealth may grant those rights to another person of the Commonwealth's sole choosing.
        29.5.2 In the event that the Commonwealth terminates the Agreement under Sub‑clauses 29.1, 29.2 or 29.4 the Bank shall not, pursuant to Sub‑clause 4.7 have any claim to a refund of part or all of the payment of the forty‑two million dollars ($42 million) made pursuant to Sub‑clause 4.1 (a).
        29.5.3 Upon the termination of this Agreement, the Bank shall be obliged to complete all outstanding applications for Housing Loans already submitted by Entitled Persons and Entitled Persons and their spouses, where appropriate, as though