Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p70
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 176252–179144

(c) 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 hereunder;
      (d) the Commonwealth vests its obligations to pay Subsidy under this Agreement in another person without the Bank's consent; or

SCHEDULE 1—continued

      (f) either party assigns the Agreement in whole or in part without the consent of the other party,
    then the other party shall be entitled by notice in writing to terminate this Agreement forthwith but without prejudice to any right of action or remedy which shall have accrued or which shall accrue thereafter in favour of either party.
      12.10 Appointment of Receiver/Receiver and Manager/Liquidation/Official Management of the Bank
    Where the Bank has a Receiver or Receiver and Manager appointed to all or substantially all of the Bank's assets or enters into liquidation voluntarily or otherwise is placed under official management, the Commonwealth may terminate the Bank's exclusive right to make future Subsidised Advances to Entitled Applicants under the Amended Act and grant that right together with the associated right to receipt of Subsidy in respect of such future Subsidised Advances to another person of the Commonwealth's sole choosing.
13. GRANT OF FRANCHISE
13.1 Exclusive Right
    The Commonwealth hereby grants to the Bank on the terms set out in this Agreement the exclusive right to provide the first twenty five thousand dollars ($25,000), or such other amount as may be agreed upon by the parties, of any Subsidised Advance and other benefits upon which Subsidy is payable to all persons who satisfy the test of eligibility and entitlement under the Act, other than those members of the Defence Force who enlisted after 14 May 1985.
13.2 Notification of Bank's Exclusive Right
    The Commonwealth agrees that all persons who seek Subsidised Advances or other benefits under the Amended Act shall be notified that the Bank has the exclusive right to make such Subsidised Advances and to provide such benefits.
    14. PROVISION FOR REFUND OF PART OF $100 MILLION REFERRED TO IN SUB-CLAUSE 3.1.1 (a)
    14.1 The Commonwealth agrees that the Bank may be entitled to a refund of part of the Consideration pursuant to this Clause if, during the period of five (5) years commencing from the date of this Agreement, the Commonwealth should:
       (a) pass legislation to reduce or restrict the benefits of or the terms of entitlement to Subsidised Advances and Instalment Relief which the Bank has agreed to provide under this Agreement; or

SCHEDULE 1—continued

       (b) introduce a different scheme of benefits for eligible persons who otherwise would be entitled to Subsidised Advances and Instalment Relief which the Bank has agreed to provide under this Agreement,
    and