Document ID: chunk:federal_register_of_legislation:C2004A04978:body:0:p10
Version: federal_register_of_legislation:C2004A04978
Segment Type: other
Provision Reference: 
Character Range: 22367–25028

(c) the Secretary is satisfied that there is no surviving wife or husband of the person, to whom a certificate of entitlement could be issued under section 22, in relation to the land or land and dwelling-house concerned, or in relation to the right of residence in the retirement village concerned (as the case requires); and

(d) the Secretary considers it appropriate to cancel the subsidy.

" (3) If subsidy is being paid in respect of a wife and husband who, under subsection 4A(1), are treated together as an eligible person for the purposes of this Act, the Secretary may only cancel subsidy under subsection (1) or (2) if:

  (a) both the wife and husband have died; and

  (b) 3 months has elapsed from the death of the wife or the death of the husband, whichever is the later.

  "(4) If the Secretary cancels subsidy under subsection (1) or (2), the Secretary must:

    (a) Give a notice of cancellation to the executor or personal representative of the person who has died; and

   (b) give a copy of the notice of cancellation to the Bank; and

   (c) in the case of an assigned advance—give a copy of the notice of cancellation to the assignee.

"(5) The cancellation takes effect, and the subsidy concerned ceases to be payable, on the date specified in the notice, being a date not earlier than the date of the notice.

"(6) If the Secretary cancels subsidy under subsection (1) or (2), the Bank may, from the date when the cancellation of subsidy takes effect, charge an interest rate in relation to the advance that is an interest rate applicable to similar loans provided by the Bank to mortgagors generally.".

49. Subsection 29(1):

   (a) After "subsidy in relation to" insert "an advance to".

   (b) Omit all the words from and including "section 26 or 27" to and including "paragraph 27(l)(a), (b) or (c), ", substitute:

"section 26, 27 or 27A, for a reason referred to in:

(a) paragraph 26(1)(a), (b) or (c); or

(b) subsection 26(2), (2B) or (7); or

(c) paragraph 27(1)(a), (b) or (c); or

(d) subsection 27A(1) or (2);".

SCHEDULE 1—continued

50. After paragraph 29(2) (c):

Insert:

     "(ca) where subparagraph 26(2B)(b)(i) applied—the whole of the amount of subsidy paid in respect of the person since the day when the assignor agreed to transfer the right of residence in the retirement village, or gave up the right of residence in the retirement village; or

     (cb) where subparagraph 26(2B)(b)(ii) applied—the whole of the amount of subsidy paid in respect of the person since the day on which the assignee agreed to transfer the interest in the retirement village, or terminated the assignor's right of residence in