Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p17
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 40213–42826

by notice of cancellation given to the first-mentioned person, cancel the subsidy on the date specified in the notice, being a date not earlier than the date of the notice.
"(3) Where the Commonwealth is paying subsidy on a specified portfolio asset or a subsidised advance and the Bank takes action to enforce the asset or the mortgage securing the advance but does not, within 3 months after starting that action, recover the outstanding balance secured under the asset, or the outstanding balance of the advance, as the case may be, the Secretary may, by notice of cancellation given to the relevant borrower, purchaser or transferee, cancel the subsidy on the date specified in the notice, being a date not earlier than the date of the notice.
"(4) Where the Commonwealth is paying subsidy in respect of 2 persons and one of those persons becomes the husband or wife of the other person, the Secretary may, by notice of cancellation given to one of those persons, cancel the subsidy in respect of that person on the date specified in the notice, being a date not earlier than the date of the notice.
"(5) The Secretary shall cause a copy of a notice of cancellation to be given to the Bank.
"(6) Where the Secretary cancels subsidy under this section, that subsidy ceases to be payable on the date specified in the notice of cancellation.

Cancellation of subsidy where subclause 11.16 of the agreement applies
"27. (1) Where the Commonwealth is paying subsidy in relation to a specified portfolio asset entered into by a person and the Secretary is satisfied that:
     (a) the person obtained the benefit of any advance or assistance secured by that asset as a result of a false statement made by the person;
     (b) the person was not, when he or she received that benefit, entitled to do so;
     (c) the person used the amount secured by the asset for a purpose other than that for which it was made; or
     (d) the person has, without reasonable excuse, failed to comply with an undertaking given, or taken to have been given, by the person to the Secretary under subsection 22 (2);
and the Secretary decides that the subsidy should be cancelled, the Secretary shall, under subclause 11.16 of the agreement, give the Bank one month's notice of the intended cancellation of the subsidy.
"(2) Where the Secretary gives the Bank a notice under subsection (1), the subsidy to which the notice relates shall be taken to have been cancelled, and ceases to be payable, at the end of any period during which the Commonwealth is required to continue paying subsidy under subclause 11.16 of the agreement.
"(3)