Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p16
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 37838–40446

(1) (a) that is more than $25,000 but shall not determine a maximum amount that is more than the sum of the maximum amounts that could have been determined if the advance had been made to each of those persons separately.
"(3) Where subsidy is payable for a specified portfolio asset which vests in the Bank under section 6b, the maximum amount in respect of which subsidy is payable is an amount equal to the amount of the outstanding balance under the specified portfolio asset as at the relevant vesting date.
"(4) Where the outstanding balance of a specified portfolio asset which vests in the Bank under section 6b, or of a subsidised advance, increases as a result of a grant of instalment relief to the purchaser or borrower, the maximum amount in respect of which subsidy is payable for that specified portfolio asset or subsidised advance shall be taken to have been increased by an amount equal to the amount of the increase of that outstanding balance.

Cancellation of subsidy
"26. (1) Where the Commonwealth is paying subsidy on a subsidised advance to a person and the Secretary is satisfied that:
     (a) a certificate of entitlement in relation to that advance was issued to the person as a result of a false statement made by the person;
     (b) the person was not, when a certificate of entitlement in relation to the advance was issued to the person, entitled to the certificate;
     (c) the person used the advance for a purpose other than that for which it was made; or
     (d) where the person is a transferee—the person has, without reasonable excuse, failed to comply with an undertaking given by the person to the Secretary under subsection 22 (2);
the Secretary may, by notice of cancellation given to the person, cancel the subsidy on the date specified in the notice, being a date not earlier than the date of the notice.
     "(2) Where:
     (a) the Commonwealth is paying subsidy on a specified portfolio asset which vests in the Bank under section 6b or a subsidised advance; and
     (b) the Secretary is satisfied that the person in respect of whom the subsidy is being paid has agreed or arranged to transfer the relevant land, or land and dwelling-house, by a transfer that is subject to that specified portfolio asset or the mortgage securing that advance, as the case may be, 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.
"(3) Where the Commonwealth is paying subsidy on a specified