Document ID: chunk:federal_register_of_legislation:C2024C00682:schedule:1:p21
Version: federal_register_of_legislation:C2024C00682
Segment Type: schedule
Provision Reference: sch 1 (pt 21/50)
Character Range: 121790–124614

be secured under the same first Mortgage.

    10 PROMOTION AND OPERATION OF THE SCHEME
    10.1 Obligations of the Bank
    The Bank hereby agrees that it will:
      (a) provide a high level of banking service in respect of Subsidised Loans and other related banking services to persons who apply for Entitlement Certificates, Entitled Persons, Joint Borrowers and Subsidised Borrowers;
      (b) subject to consultation, comply with such reasonable directions to promote the Scheme to prospective applicants as the Commonwealth may from time to time give to the Bank;
      (c) ensure that a sufficient number of its officers and employees are conversant with the Scheme so as to ensure that the Bank will be able reasonably to assist and advise persons who are or may be entitled to receive Subsidy under the Scheme; and
      (d) produce and print appropriate publications describing the Scheme, ensure that a sufficient number of its branches or agencies have an adequate supply of these publications, and provide reasonable numbers of the publications to the Commonwealth, on request.
    10.2 Obligations of the Commonwealth
    The Commonwealth hereby agrees that it will:
      (a) properly administer the Scheme for the benefit of persons seeking or entitled to a Subsidised Loan from the Bank;
      (b) produce and print appropriate publications describing the Scheme, applications for an Entitlement Certificate and Grants of Approval and provide the Bank with a reasonable quantity of such publications and applications for distribution to its branches on request; and
      (c) provide such reasonable assistance to the Bank to promote the Scheme as the Bank may from time to time request.

    11. INFORMATION
    11.1 Notices by the Bank
    Where in the course of normal banking business, an officer of a branch of the Bank at which a Subsidised Loan Account is maintained becomes aware of or receives notice of any of the matters listed below, the Bank shall notify the Commonwealth in writing of that matter within the number of days specified in brackets:
      (a) repayment of the Subsidised Loan or discharge of the Mortgage (3 days);
      (b) transfer of the Property or Mortgage, where such transfer has not been approved by the Commonwealth by the issue of a Grant of Approval (3 days);
      (c) where the Property is held as a joint tenancy the conversion of the joint tenancy to a tenancy in common (7 days);
      (d) issue of a notice relating to the resumption of the Property by a government or statutory body or local authority (7 days);
      (e) total destruction of a dwelling on the Property (7 days);
      (f) death of a Subsidised Borrower or Joint Borrower (7 days);
      (g) receipt of a request from a Subsidised Borrower to have Subsidy cancelled (3 days);
      (h) an error