Document ID: chunk:federal_register_of_legislation:C2004A04077:schedule:2:p14
Version: federal_register_of_legislation:C2004A04077
Segment Type: schedule
Provision Reference: sch 2 (pt 14/16)
Character Range: 129218–132074

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 of a right of residence in a retirement village— any other security that the Bank has in relation to that advance".

Subsection 29 (6):

  Omit "or mortgage", substitute ", mortgage or other security".

Section 38:

After "dwelling-houses," insert "rights of residence in retirement villages,".

SCHEDULE 2—continued

Section 38c:

  Insert the following subsections after subsection (2):

"(2a) The Commonwealth may undertake insurance of, or in relation to:

     (a) a right of residence in a retirement village, being a right in respect of which a subsidised advance has been made; or

     (b) a right of residence in a retirement village in respect of which a person has applied for a certificate of entitlement, being a right the person has obtained; or

     (c) a right of residence in a retirement village in relation to which a subsidised advance was made but in relation to which there is no outstanding amount to be paid by the borrower; or

  (d) building materials on the site of a retirement village:

         (i) in respect of which a subsidised advance has been or will be made; or

         (ii) in respect of which a person has applied for a certificate of entitlement;

     being materials used in the building of, or otherwise in relation to, the retirement village; or

     (e) any permanent domestic improvement of a structural kind that has been made to a retirement village referred to in paragraph (a), (b), (c) or (d) and any building materials on the site of, and used in the building of, or in relation to, such an improvement.

"(2b) The Commonwealth may undertake insurance against risks related to the land on which a retirement village referred to in paragraph (2a) (a) or (b) is built or on which a retirement village referred to in paragraph (2a) (c) is being, or is to be, built.".

Section 38f:

  Before the section insert the following new section:

Application of section 38e in relation to retirement village accommodation

"38fa. Section 38e applies in relation to retirement village accommodation as it applies in relation to dwelling-houses.".

Section 45:

  Omit ", as executed on 9 November 1988,".

Subsection 45a (1):

  Omit "or land and dwelling-house", substitute ", land and dwelling-house or right of residence in a retirement village".

SCHEDULE 2—continued

Subsection 45a (2):

Omit "or land and a dwelling-house", substitute ", land and a dwelling-house or a right of residence in a retirement village.".

NOTES

  1. No. 43, 1918, as amended. For previous amendments, see No. 28, 1919;