Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p66
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 166051–168815

to the Amended Act, a Portfolio Contract of Sale or a Corporation Advance under a Specified Portfolio Asset,
          (i) is discovered to have made a false statement in order to obtain a Certificate of Entitlement, a Portfolio Contract of Sale or a Corporation Advance;
          (ii) is discovered not to have been entitled to a Certificate of Entitlement, a Portfolio Contract of Sale or a Specified Portfolio Asset at the time when the Certificate of Entitlement was issued to the Borrower or the Corporation Advance secured by the Specified Portfolio Asset was received by the Borrower or the Portfolio Contract of Sale was executed by the Borrower;
          (iii) purports to transfer a holding without a Certificate of Entitlement having been issued which provides for Commonwealth consent to the Transfer of Land and Subsidy to the proposed transferee;
          (iv) is discovered to have used the Subsidised Advance or Corporation Advance for a purpose other than that for which it was made;

SCHEDULE 1—continued
          (v) is a transferee of a holding in respect of which the Commonwealth has issued a Certificate of Entitlement consenting to a Transfer of Land and Subsidy and has without reasonable excuse failed to comply with an undertaking given by that transferee under Sub-section 22 (2) of the Amended Act; or
          (vi) becomes the husband or wife of another Borrower,
      (b) where the Bank takes action to enforce a Portfolio Contract of Sale or a security for which the Subsidised Advance or a Corporation Advance was provided and the Bank has not within three (3) months sold the property and discharged the loan outstanding to it thereon; or
      (c) where, without the prior written consent of the Commonwealth, a Borrower having a Subsidised Advance seeks to use that Subsidised Advance for the purpose of discharging any existing mortgage or other security over that Borrower's land or land and dwelling house.
      11.16 Notice of termination of Subsidy payments to Bank
    Where the Commonwealth elects to terminate future Subsidy payments to the Bank in respect of a Specified Portfolio Asset pursuant to Subclause 11.15 (a) then it shall give the Bank one month's notice of its intention to do so. If prior to the completion of that one month period the Bank gives the Commonwealth notice that it intends to take action to enforce its security with respect to that Specified Portfolio Asset then the Commonwealth shall continue to pay Subsidy until the Bank has discharged its loan, or for three (3) months, whichever is the earlier. Any Subsidy paid to the Bank which is recoverable from the Borrower pursuant to the Amending Act shall be paid to the Commonwealth by the Bank as required by the Amending Act from any