Document ID: chunk:federal_register_of_legislation:C2004A04077:schedule:2:p12
Version: federal_register_of_legislation:C2004A04077
Segment Type: schedule
Provision Reference: sch 2 (pt 12/16)
Character Range: 124090–126949

Omit the subsection, substitute the following subsections:

"(1) While any land, land and dwelling-house or right of residence in a retirement village is subject to:

     (a) a specified portfolio asset which vests in the Bank under section 6b; or

SCHEDULE 2—continued

   (b) a mortgage or other security securing a subsidised advance;

a transfer of the estate, interest or right of the purchaser or borrower in that land or land and dwelling-house, or in relation to that right of residence, being a transfer subject to that specified portfolio asset, mortgage or other security, has no effect unless the Secretary has issued a certificate of entitlement to the proposed transferee in relation to the transfer.

  "(1a) If:

     (a) a person has obtained a right of residence in a retirement village; and

     (b) the person is a borrower in relation to that right of residence and is liable to pay the outstanding amount of a subsidised advance in respect of which subsidy is payable; and

   (c) the Bank has no security for the subsidised advance;

a transfer of the person's right of residence, while the person's liability under paragraph (b) remains, has no effect unless the Secretary has issued a certificate of entitlement to the proposed transferee in relation to the transfer.".

Subsection 22 (7):

     (a) Omit "or land and a dwelling-house" (wherever occurring), substitute "land and a dwelling-house or right of residence in a retirement village".

  (b) Add at the end the following word and paragraph:

           "; or (c) a transfer of a person's right of residence in a retirement village to the owner or owners of the retirement village.".

Subsection 24 (2):

  Omit "or land and dwelling-house", substitute "land and dwelling-house or right of residence in a retirement village".

Paragraph 26 (2) (b):

     (a) Omit "or land and dwelling-house", substitute "land and dwelling-house or right of residence in a retirement village".

     (b) Omit "to that specified portfolio asset or the mortgage securing that advance,", substitute:

     "to:

       (i) that specified portfolio asset; or

      (ii) the mortgage securing that advance; or

         (iii) in the case of a right of residence in a retirement village— any other security that the Bank has in relation to that advance;".

SCHEDULE 2—continued

Subsection 26 (2):

  After the subsection, insert the following subsection:

  "(2a) If:

     (a) a person has obtained a right of residence in a retirement village; and

     (b) the person is a borrower in relation to that right of residence and is liable to pay the outstanding amount of a subsidised advance in respect of which subsidy is payable; and

   (c) the Bank has no security for the subsidised advance; and

     (d) the Secretary is satisfied that the person has agreed or arranged to transfer the