Document ID: chunk:federal_register_of_legislation:C2004A04077:schedule:2:p13
Version: federal_register_of_legislation:C2004A04077
Segment Type: schedule
Provision Reference: sch 2 (pt 13/16)
Character Range: 126706–129523

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 right of residence, while the person's liability under paragraph (b) remains, to a person who is not a transferee;

the Secretary may, 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.".

Subsection 26 (3):

Omit "to enforce the asset or the mortgage securing the advance", substitute:

  "to enforce:

       (i) the asset; or

       (ii) the mortgage securing the 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;".

Section 26:

  Add at the end the following subsections:

  "(7) Where:

     (a) the Commonwealth is paying subsidy on a subsidised advance to a person in relation to the person's retirement village accommodation; and

     (b) the person's right of residence in the retirement village is terminated for any reason and the person ceases to reside in the retirement village accommodation;

the Secretary may cancel the subsidy by written notice given to the person.

"(8) The cancellation takes effect on the date specified in the notice, being a date not earlier than the date of the notice.

  "(9) If:

  (a) the person's right of residence is terminated; and

SCHEDULE 2—continued

     (b) the person has a right of review of, or appeal against, the decision to terminate;

the termination is taken, for the purposes of subsection (7), not to occur until:

     (c) the review or appeal has been finally determined and the person has ceased to reside in the retirement village accommodation; or

     (d) the period within which such an appeal or review could be instituted has ended without an appeal or review having been instituted and the person has ceased to reside in the retirement village accommodation.".

Subsection 29 (1):

  After "26 (2)" insert "or (7)".

Paragraph 29 (2) (a):

  Add at the end "or".

Subsection 29 (2):

  Add at the end the following word and paragraph:

       "or (d) where subsection 26 (7) applied—the whole of the amount of subsidy paid in respect of the person since the day on which the person's right of residence was terminated and the person has ceased to reside in the retirement village accommodation;".

Paragraph 29 (5) (a):

Omit "enforcing a specified portfolio asset or a mortgage securing a subsidised advance", substitute:

  "enforcing:

       (i) a specified portfolio asset; or

      (ii) a mortgage securing a subsidised advance; or

         (iii) in the case