Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p46
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 114579–117652

date identified in Sub-clause 4.6 in respect of that State or Territory; or

SCHEDULE 1—continued

        (ii) if the Date of Proclamation is a date between 1 January 1989 and 30 June 1989, then such date referred to in Subparagraph (i) shall be extended by the number of days between 1 January 1989 and the Date of Proclamation (both dates being inclusive).
   4.5 Ministerial Determination of Vesting Dates
     Subject to Sub-clause 4.5.1 the Minister shall determine the Vesting Date in relation to the Portfolio Assets in each State or Territory. The Vesting Date so determined shall not differ by more than three (3) days from the date for vesting in relation to a State or Territory previously notified by the Bank pursuant to Sub-clause 4.4.
      4.5.1 In the event that the Bank is in default under this Agreement in payment of part or all of the Consideration referred to in Sub-clause 3.1;
        (a) on the date of its giving a notice to the Minister under Subclause 4.4;
        (b) on the date upon which the Minister, pursuant to Sub-clause 4.5, determines a date for vesting; or
        (c) subsequent to a date being fixed by the Minister for vesting under Sub-clause 4.5 but prior to vesting being effected;
      the Minister may refuse to determine a Vesting Date or may revoke any determination which has been made, up to the Vesting Date so determined.
      4.5.2 Where the Bank has remedied its default in payment of part or all of the Consideration, it may give a further written notice to the Commonwealth and the Corporation pursuant to Sub-clause 4.4 and the Minister shall thereupon determine the Vesting Date in accordance with Sub-clause 4.5.
   4.6 Earliest Dates to be specified
     The date to be specified in the Bank's notice under Sub-clause 4.4 shall not be earlier than the date identified below in respect of each State and Territory

        STATE                                                             DATES
        South Australia and the
        Northern Territory                                                15 January 1989
        Western Australia                                                 1 February 1989
        Queensland                                                        28 February 1989
        Victoria and Tasmania                                             15 March 1989
        New South Wales and the Australian Capital Territory and Norfolk

        Island                                                            15 April 1989

SCHEDULE 1—continued
   4.7 Existing Sums Deposited by Borrowers
   The Commonwealth further agrees to pay to the Bank and the Bank further agrees to treat as Excess Credits under Clause 9 the sums deposited with the Corporation by Borrowers to the credit of Borrowers' accounts pursuant to Section 29 of the Act, by paying all such sums on a State by State basis in the manner provided in this Clause for the vesting of Portfolio Assets so that all such sums deposited by Borrowers in each State shall be paid to the Bank on the relevant Vesting Date.
   5.