Document ID: chunk:federal_register_of_legislation:C2004A04978:body:0:p11
Version: federal_register_of_legislation:C2004A04978
Segment Type: other
Provision Reference: 
Character Range: 24777–27504

where subparagraph 26(2B)(b)(ii) applied—the whole of the amount of subsidy paid in respect of the person since the day on which the assignee agreed to transfer the interest in the retirement village, or terminated the assignor's right of residence in the retirement village; or".

51. After paragraph 29(2)(d):

Insert:

    "(e) where subsection 27A(1) or (2) applied—the whole of the amount of subsidy paid in respect of the person since the day on which the cancellation of subsidy took effect;".

52. Subsection 29(3):

Omit "to the Bank", substitute:

": (a) to the Bank; and

(b) if subsection 26(2B) applied—to the assignor".

53. Section 34:

Repeal the section, substitute:

Rate of interest on further advances

"34.(1) Subject to subsection (2), the rate of interest that is to be specified under paragraph 17(3)(d) in a certificate of entitlement in relation to a further advance that a person may seek from the Bank is the rate of interest per year of the last preceding previous advance.

"(2) If, at the time when subsidy is or was most recently payable in relation to the last preceding previous advance, subsidy is or was payable in respect of the person in relation to one or more other previous advances:

    (a) the rates of interest that are to be specified under paragraph 17(3)(c) in a certificate of entitlement in relation to a further advance that a person may seek from the Bank are the rates of interest per year that applied to those previous advances; and

SCHEDULE 1—continued

   (b) in relation to each such interest rate—the proportion of the further advance to be so specified in relation to that interest rate is the proportion of the sum of amounts outstanding in respect of all the previous advances that are amounts to which that interest rate applies.

"(3) In this section:

previous advance, in relation to a further advance in respect of a person, means an advance (whether a Corporation advance, initial advance, additional advance or further advance) in respect of which the person is or was a borrower, or a contract of sale, in respect of which the person is or was a purchaser, preceding the further advance in question.".

54. Paragraph 36(1)(d):

  Omit the paragraph, substitute:

  "(d) in the case of a further advance:

       (i) if the person has ceased to be a purchaser or borrower in relation to the last preceding previous advance—a term equal to the unexpired part of the last preceding previous advance at the time immediately before the person ceased to be such a purchaser or borrower; or

       (ii) in any other case—a term equal to the unexpired part of the last preceding previous advance; and".

55. Subsection 36(4):

   Omit the subsection, substitute: