Document ID: chunk:federal_register_of_legislation:C2004A04978:body:0:p7
Version: federal_register_of_legislation:C2004A04978
Segment Type: other
Provision Reference: 
Character Range: 14926–17697

or will be, an assignor in relation to the advance.".

SCHEDULE 1—continued

31. After subsection 21(1):

Insert:

"(1A) For the purposes of paragraph (1)(a), the person is taken to be a borrower in relation to a right of residence in a retirement village if the person is, or will be, an assignor in relation to the advance.".

32. Subsection 22(1):

Omit "While any land", substitute "Subject to subsection (1AA), if any land".

33. After subsection 22(1):

Insert:

"(1AA) Subsection (1) does not apply if the subsidised advance referred to in paragraph (1)(b) is an assigned advance.".

34. After subsection 22(7):

Insert:

"(8) A reference in this section to a transfer, in relation to land or land and a dwelling-house, includes a reference to a transfer of shares giving rise to a company title in respect of the land or land and dwelling-house.".

35. After section 23:

Insert in Part III:

Certificates of assignment

"23A.(1) Subject to this Act, the Secretary may, on application by an eligible person (the assignor) for a certificate of assignment, issue (the assignor) with such a certificate certifying that subsidy is payable by the Commonwealth to the Bank if, in accordance with the certificate, the Bank makes an advance to another person (the assignee).

"(2) The Secretary must not issue the assignor with a certificate of assignment unless:

(a) the Secretary is satisfied that the assignee owns or will own a retirement village that:

(i) is primarily for the accommodation of eligible persons; or

(ii) is a granny flat; and

    (b) the Secretary is satisfied that the assignee will assist the assignor to obtain and continue to hold a right of residence in the retirement village, if the Bank makes such an advance to the assignee; and

SCHEDULE 1—continued

   (c) the applicant has already been issued with a certificate of entitlement that is in force that:

       (i) specifies, under subsection 17(4), a purpose of a kind referred to in paragraph 18(2)(l) or (3)(g); and

      (ii) was not issued under section 22; and

   (d) a subsidised advance has not been made to the assignor in relation to that certificate of entitlement; and

    (e) the assignor and the assignee have agreed to conditions of a kind specified in a determination made by the Secretary under subsection (3).

"(3) The Secretary may make written determinations specifying the kinds of conditions to which an assignor and assignee must agree before a certificate of assignment can be issued to the assignor.

"(4) A certificate of assignment issued under this section remains in force until subsidy in respect of the assigned advance concerned ceases to be payable under this Act.

"(5) A certificate of assignment issued under this section must:

    (a) specify