Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p52
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 129972–132771

if so, shall issue to the applicant a Certificate of Entitlement.
         7.1.5 On receipt by the Commonwealth of a completed application for a Certificate of Entitlement for Instalment Relief from the Bank, the Commonwealth shall proceed to determine whether the applicant is an Entitled applicant and, if so, shall issue a Certificate of Entitlement within seven (7) days of receipt of the said application by the Commonwealth.
    7.2. Certificate of Entitlements
         7.2.1 A Certificate of Entitlement shall comprise two (2) parts, part A of which shall be limited to the following information:
          (a) the maximum amount of a Subsidised Advance;
          (b) the maximum term of a Subsidised Advance;
          (c) the purpose for which the Subsidised Advance is to be used by the entitled applicant;
          (d) the interest rate chargeable by the Bank to an Entitled Applicant in respect of a Subsidised Advance;
          (e) where payment to a nominated payee is required, the name of that payee;
          (f) in the case of Instalment Relief, the amount of reduction in instalments, the period over which such reduction is to be granted by the Bank to the Borrower and the amount, if any, of the outstanding arrears on the Borrower's Subsidised Advance Loan Account at the date of effect of the Instalment Relief that may be incorporated in the Limit of that account; and
          (g) in the case of a consent to a Transfer of Land and Subsidy, whether the Commonwealth consents to pay Subsidy to the Bank for and on behalf of the proposed transferee in respect of the holding to be transferred.

SCHEDULE 1—continued

         7.2.2 Part B of a Certificate of Entitlement may include any terms a breach of which would permit the Commonwealth to terminate or suspend Subsidy under Sub-clause 11.15.
         7.2.3 The Certificate of Entitlement issued by the Commonwealth pursuant to Sub-clause 7.1.4 shall lapse after the expiration of three (3) months from its date of issuance unless in that period the Bank has approved in accordance with the terms of the Certificate a Subsidised Advance, Instalment Relief or has agreed to give effect to the Commonwealth consent to a Transfer of Land and Subsidy to the person to whom that Certificate was issued.
    7.3 Obligations of Bank upon receipt of Certificate of Entitlement.
    As and from 1 December 1988 or the Date of Proclamation whichever is the later, the Bank agrees that it shall, as soon as it receives a Certificate of Entitlement, consider and assess an Entitled Applicant's application to the Bank, in accordance with the lending criteria set out in Schedule "C", and advise the Entitled Applicant of the outcome of the same within fifteen (15) Business Days of receipt of such application or Certificate of