Document ID: chunk:federal_register_of_legislation:C2025C00096:schedule:1:p27
Version: federal_register_of_legislation:C2025C00096
Segment Type: schedule
Provision Reference: sch 1 (pt 27/51)
Character Range: 230074–232920

PROVISION OF INFORMATION
    10.1 Obligations of Bank to notify the Commonwealth
    The Bank shall notify the Comonwealth when the Bank Manager responsible for a Borrower's account becomes aware of or receives in the ordinary course of banking business any of the following concerning or regarding an Entitled Applicant or Borrower, such notification to be forwarded to the Commonwealth not more than seven (7) days after the Bank Manager becomes aware of or receives same:
       (a) written notice of marriage;
       (b) a purported transfer of land or land and dwelling house subject to Subsidy without Commonwealth consent;
       (c) written notice of death;
       (d) written notice of bankruptcy or insolvency;
       (e) seizure in execution of a Court order of the land or land and dwelling house;
       (f) ownership of any other dwelling house as at the date of issue of the Certificate of Entitlement;
       (g) cessation of the occupation of dwelling house without Commonwealth consent; and
       (h) a failure to use the Subsidised Advance for the purpose set out in Part A of the Certificate of Entitlement.
    10.2 Variation of Bank's Obligations under Sub‑clause 10.1
    The parties agree that the circumstances referred to in Sub‑clause 10.1 may be added to or varied from time to time by agreement.
    10.3 Action taken by Bank to enforce security
    Except where the Bank's security is in jeopardy the Bank shall not take any action to:
       (a) foreclose;
       (b) take possession;
       (c) exercise a power of sale;
       (d) cancel a contract of sale;
       (e) appoint a Receiver; or
       (f) institute legal proceedings,
    under any Portfolio Mortgage, Portfolio Contract of Sale or other security securing the Portfolio Asset or Subsidised Advance without giving the Commonwealth fourteen (14) days notice prior to the Bank taking any such action. In those cases where the Bank's security is in jeopardy and the Bank has taken any such action then the Bank agrees to give notice to the Commonwealth of the taking of such action within five (5) days.
    10.4 Form of Notification
    All notifications referred to in this Clause shall be made to the Commonwealth in writing.
    10.5 Schedule "D" Information
    The Bank agrees to provide the information referred to in Schedule "D" on a monthly basis, or at such other time as may be agreed upon by the parties. Information supplied monthly is to be submitted to the Commonwealth with the Bank's Subsidy invoice referred to in Sub‑clause 11.4 and to be accompanied by a certification by an appropriate officer of the Bank that the information provided is in accordance with the Bank's records and is true and correct.
    10.6 Provision of report by Bank's External Auditor
    The Bank agrees to provide to the Commonwealth within two (2) months