Document ID: chunk:federal_register_of_legislation:C2025C00096:schedule:1a:p1
Version: federal_register_of_legislation:C2025C00096
Segment Type: schedule
Provision Reference: sch 1A (pt 1/9)
Character Range: 293681–296607

Schedule 1A—Agreement between the Commonwealth of Australia and Westpac Banking Corporation

TABLE OF CONTENTS

Date of Agreement
Recitals

Clause
     1. Definitions and Interpretations
     2. Agreement
     3. Unit Fee
     4. Further Amending Act
     5. Grant of Exclusive Right
     6. Adoption and Application of the Agreement
     7. Non‑merging on Settlement and Severability
     8. Stamp Duty
     9. Applicable Law
     10. Waiver
     11. Amendments or Variation
     12. Assignment
Schedule of Amendments to Principal Agreement

AN AGREEMENT made the fifth day of November 1990

BETWEEN

the COMMONWEALTH OF AUSTRALIA

(hereinafter referred to as "the Commonwealth") of the one part

and

WESTPAC BANKING CORPORATION

of 60 Martin Place, Sydney
in the State of New South Wales

(hereinafter referred to as "the Bank") of the other part.

WHEREAS:

    A. Under the Agreement between the Commonwealth and the Bank dated 9 November 1988 pursuant to the Amending Act the Bank acquired from the Commonwealth the interests of the Defence Service Homes Corporation ("the Corporation") in the Portfolio Assets and the exclusive right to provide Subsidised Advances and other benefits upon which subsidy is payable to all persons satisfying the tests of eligibility and entitlement under the Amended Act.
    B. The Commonwealth proposes to introduce legislation to vary the categories of Subsidised Advances provided pursuant to the Amended Act by varying the Subsidy Scheme so as to introduce the Variation Advances.
    C. The Bank wishes to acquire from the Commonwealth the exclusive right to provide the Variation Advances to all persons who satisfy the tests of eligibility and entitlement in respect of same under the Amended Act.
    D. The Commonwealth is willing to provide to the Bank the exclusive right to provide the Variation Advances to all persons who satisfy the tests of eligibility and entitlement under the Defence Service Homes Act 1918 as amended by the Veterans' Affairs Legislation Amendment Bill 1990.
    E. The Commonwealth is willing to pay to the Bank a Subsidy in respect of the Variation Advances granted to all persons who satisfy the tests of eligibility and entitlement under the Defence Service Homes Act 1918 as amended by the Veterans' Affairs Legislation Amendment Bill 1990.
    F. The Bank is willing to pay to the Commonwealth a fee in respect of each Subsidised Advance which is a Variation Advance granted by the Bank.
    G. In order to give effect to this Supplementary Agreement the Commonwealth and the Bank agree to amend the Agreement in the manner set out in the Schedule to this Supplementary Agreement and for the purposes of this Supplementary Agreement and its construction to abide by and act in accordance with the provisions of the Agreement as so amended.
    H. The Commonwealth and the Bank acknowledge that this Supplementary Agreement is dependent