Document ID: chunk:federal_register_of_legislation:C2004A04978:body:0:p9
Version: federal_register_of_legislation:C2004A04978
Segment Type: other
Provision Reference: 
Character Range: 19917–22594

certificate of assignment in relation to the advance was issued to the person, entitled to the certificate; or".

44. Paragraph 26(1) (c):

After "the person" insert or the assignee of the person, ".

45. After subsection 26(2A):

Insert:

"(2B) If:

(a) the Commonwealth is paying subsidy on an assigned advance; and

SCHEDULE 1—continued

(b) the Secretary is satisfied that:

       (i) the assignor has agreed to transfer the right of residence in the retirement village, or has given up the right of residence in the retirement village; or

       (ii) the assignee has agreed to transfer all or part of his or her interest in the retirement village, or has terminated the assignor's right of residence in the retirement village;

the Secretary may, by notice of cancellation given to the assignor, cancel the subsidy on the date specified in the notice, being a date not earlier than the date of the notice.

"(2C) If the Secretary cancels a subsidy under subsection (2B), the Bank may, from the date when the cancellation of subsidy takes effect, charge an interest rate in relation to the advance that is an interest rate applicable to similar loans provided by the Bank to mortgagors generally.".

46. Subsection 26(5):

Omit "to the Bank", substitute:

": (a) to the Bank; and

(b) in the case of an assigned advance—to the assignee".

47. Paragraph 26(7) (a):

After "subsidised advance to a person" insert ", or to the assignee of a person,".

48. After section 27:

Insert:

Cancellation of subsidy if the eligible person dies

"27A.(1) Subject to subsection (3), the Secretary may cancel subsidy on a subsidised advance in respect of a person, or the assignee of a person, if:

(a) the person has died; and

(b) 3 months has elapsed from the date on which the person died; and

    (c) the Secretary is satisfied that there is no surviving wife or husband of the person, to whom a certificate of entitlement could be issued under section 22, in relation to the land or land and dwelling-house concerned, or in relation to the right of residence in the retirement village concerned (as the case requires); and

   (d) the Secretary considers it appropriate to cancel the subsidy.

"(2) Subject to subsection (3), the Secretary may cancel subsidy in relation to a portfolio asset entered into by a person if:

SCHEDULE 1—continued

(a) the person has died; and

(b) 3 months has elapsed from the date on which the person died; and

    (c) the Secretary is satisfied that there is no surviving wife or husband of the person, to whom a certificate of entitlement could be issued under section 22, in relation to the land or land and dwelling-house concerned, or in