Document ID: chunk:federal_register_of_legislation:C2025C00096:schedule:1:p3
Version: federal_register_of_legislation:C2025C00096
Segment Type: schedule
Provision Reference: sch 1 (pt 3/51)
Character Range: 167649–170592

ARBITRATION
         26.1 Notice of dispute, question or difference
         26.2 Submitting a dispute to Arbitration

    27. ASSIGNMENT

    28. DISPOSAL BY BANK

    29. CONFIDENTIALITY
         29.1 Bank's acknowledgement of material
         29.2 Commonwealth's acknowledgement of material

    30. PERFORMANCE OF OBLIGATIONS BY CORPORATION SCHEDULES
    1. Schedule A—Documentation to be provided by Commonwealth in respect of Sub‑clause 5.1 applications
    2. Schedule B—Documentation to be provided by Commonwealth in respect of Sub‑clause 5.2 applications
    3. Schedule C—Lending Criteria
    4. Schedule D—Information to be provided by Bank on a monthly basis
    5. Schedule E—Withdrawal of Amounts under Excess Credit Arrangements.

An AGREEMENT made the 9 day of November 1988

BETWEEN

the COMMONWEALTH OF AUSTRALIA
(hereinafter referred to as "the Commonwealth") of the one part

and

WESTPAC BANKING CORPORATION
of 60 Martin Place, Sydney in the State of New South Wales
(hereinafter referred to as "the Bank") of the other part

WHEREAS:
    A. The Commonwealth by the Defence Service Homes Act 1918 (the Act) has established a body corporate known as the Defence Service Homes Corporation (the Corporation).

    B. Pursuant to the Act the Corporation currently provides assistance to members of the Australian Defence Force and certain other persons, to acquire homes.

     Such assistance is provided in the form of, but not limited to, advances secured by mortgages in favour of the Corporation, contracts for the sale of land on terms, as well as assistance in the form of benefits such as those now set out in Sections 18A, 29, 29AA, 29AB, 31, 33 and 35 of the Act.

    C. In the course of providing such assistance the Corporation has acquired interests as mortgagee in respect of mortgages over land and interests as vendor of land under contracts of sale on terms. The Corporation also is a party to other agreements which are supplementary to its lending activities under the Act.

    D. The Bank wishes to acquire such of the Corporation's interests as are described herein and for the consideration set out herein the Commonwealth is willing to pass legislation vesting such interests in the Bank.

    E. The Commonwealth is willing to provide the Bank with the exclusive right to provide advances and benefits to all persons who satisfy the tests of eligibility and entitlement under the Act current as at the date of this Agreement, other than those members of the Defence Force who enlisted after 14 May 1985.

    F. The Commonwealth is willing to pay to the Bank a Subsidy in respect of Specified Portfolio Assets, Subsidised Advances and certain other agreements.

    G. The Commonwealth and the Bank acknowledge that this Agreement is dependent upon the passage of legislation governing same, by the Parliament of the Commonwealth of Australia.

NOW THEREFORE IT IS AGREED AS FOLLOWS:

    1.