Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p22
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 51934–54684

executes a mortgage in favour of the Bank for the balance of the purchase money and interest, and all other money, payable under a contract of sale, the Bank shall be taken to have made, on the date of the mortgage, an initial advance to the purchaser under the agreement of an amount equal to the sum of the balance of the purchase money and all other money (including interest) payable under the contract as at that date, being an advance that is subject to the prescribed conditions and on which subsidy is payable by the Commonwealth.

"PART VI—DEFENCE SERVICE HOMES INSURANCE SCHEME

Defence Service Homes Insurance Scheme
"38. For the purposes of this Act, there shall be a Commonwealth insurance scheme, to be known as the 'Defence Service Homes Insurance Scheme', for the insurance of dwelling-houses, land, building materials and improvements of the kind referred to in section 38c.

Powers of Commonwealth to be exercised by the Secretary
"38a. (1) The powers and functions of the Commonwealth under this Part shall be exercised by the Secretary on behalf of the Commonwealth.
"(2) The Secretary shall, in exercising the powers of the Commonwealth under section 38c, comply with the Statement of Conditions, or the Statement of Conditions as varied under this section, and, for that purpose:
     (a) any references in the Statement to the Corporation shall be treated as references to the Commonwealth; and
     (b) any references in the Statement to insurance undertaken by or with the Corporation shall be treated as references to insurance undertaken by or with the Commonwealth under this Part.

"(3) The Minister may, by notice in writing given to the Secretary, vary the Statement of Conditions in relation to all or any of the following matters:
     (a) the risks against which the Commonwealth will undertake insurance;
     (b) other terms and conditions relating to insurance undertaken by the Commonwealth.
"(4) The Minister shall not vary the Statement of Conditions so as to remove the right of a person to receive a payment to which the person had become entitled before the variation.
"(5) The Minister shall cause copies of any variation of the Statement of Conditions to be laid before each House of the Parliament within 15 sitting days of that House after the variation is made.
"(6) In this section:
     'Statement of Conditions' means the Statement of Conditions in force immediately before the commencing day under section 38 of this Act as then in force.

Transfer of assets and liabilities
"38b. (1) On the commencing day:
     (a) all insurance rights that immediately before that day were vested in the Corporation, vest in the Commonwealth by force of this subsection; and
     (b) the Commonwealth becomes, by