Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p32
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 76493–79714

the day on which section 10 of this Act commences.

Transitional
19. (1) An application or request under the Principal Act, being an application or request referred to in subclause 5.1 or 5.2 of the agreement, shall be dealt with in accordance with the agreement.
(2) Where, under subclause 5.1.4 of the agreement, the Corporation is required to make an advance, the Principal Act, as in force immediately before the commencement of section 10 of this Act, continues to apply in relation to the making of that advance and to any advance so made until the mortgage securing it vests in the Bank.
(3) A mortgage securing an advance referred to in subsection (2) shall be taken to be a specified portfolio asset and shall vest in the Bank on the relevant vesting date under section 6b of the Principal Act as amended by this Act.

Further amendments
20. The Principal Act is further amended as set out in Schedule 3.

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SCHEDULE 1 Section 16

NEW SCHEDULE 1 TO BE INSERTED IN PRINCIPAL ACT

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SCHEDULE 1 Subsection 4 (1)

AGREEMENT BETWEEN THE COMMONWEALTH OF AUSTRALIA AND WESTPAC BANKING CORPORATION

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SCHEDULE 1—continued
TABLE OF CONTENTS
Date of Agreement
Recitals
Clause
   1. DEFINITIONS AND INTERPRETATION
            1.1 Definitions
            1.2 Interpretation
   2. AGREEMENT
            2.1 Commonwealth to vest Portfolio Assets
            2.2 Assumption of obligations by Bank
            2.3 Payment of Subsidy
            2.4 Bank to act in accordance with Subsidy Scheme
            2.5 Provision of Subsidised Advances
            2.6 Provision of Instalment Relief and effecting Transfer of Land Subsidy
            2.7 Payment of deposits
            2.8 Exclusive right of Bank to receipt of Subsidy
   3. CONSIDERATION AND PAYMENT
            3.1 Calculation of Consideration
            3.2 Payment of Schedule
            3.3 Manner of Payment
            3.4 Delay in Proclamation of Amending Act
            3.5 Notice of Face Value
            3.6 Bank audit of Face Value
            3.7 Resolution of dispute as to amount of Face Value
            3.8 Vesting Date falling after Interest Commencement Date
            3.9 Bank audit of Final Face Value
            3.10 Resolution of Dispute as to Final Face Value
     4. VESTING OF PORTFOLIO ASSETS AND PAYMENT OF SUMS DEPOSITED BY BORROWERS
            4.1 Vesting
            4.2 Bank bound by Portfolio Assets
            4.3 Bank to perform the terms and conditions of Portfolio Assets
            4.4 Nomination of Vesting Dates
            4.5 Ministerial Determination of Vesting Dates
            4.6 Earliest Dates to be specified
            4.7 Existing Sums Deposited by Borrowers
     5. TRANSITION PROVISIONS
            5.1 Incomplete Applications for an Advance under the Act
            5.2 Incomplete Applications for Benefits under the Act
            5.3 Court orders
            5.4 Instalments
            5.5 Fees and Charges
            5.6 Documentation provided by Commonwealth
            5.7 Discount of Fees
     6. AMENDING ACT
            6.1 Amending Act being passed by Parliament
            6.2 Amendments to draft Bill
            6.3 Effect of Amendments
            6.4 No Notice by Bank