DEFENCE SERVICE HOMES ACT 1918 - SECT 6B Transfer of portfolio assets to the Bank

DEFENCE SERVICE HOMES ACT 1918 - SECT 6B

  (1)   Where a date in relation to the portfolio assets in a State or Territory has been notified in writing by the Bank to the Corporation and the Commonwealth in accordance with the Bank agreement, the Minister shall determine the vesting date in relation to the portfolio assets in that State or Territory.

  (2)   The Minister may determine a vesting date in relation to the portfolio assets in a State or Territory that is different from the date notified by the Bank but shall not determine a vesting date that is earlier than 3 days before the date notified by the Bank or later than 3 days after that date.

  (3)   Where the Minister determines a vesting date, the Minister shall forthwith notify the Bank in writing of the determination.

  (4)   A notice to the Bank shall not be taken, for any purpose, to be the making of the determination to which it relates.

  (5)   The Minister may refuse to determine a vesting date, or may revoke any such determination, in accordance with the Bank agreement.

  (6)   Subject to this section, where the Minister determines a vesting date in relation to the portfolio assets in a State or Territory, then, unless that determination is revoked before that date:

  (a)   all rights, title and interest of the Corporation in the portfolio assets in that State or Territory as in force immediately before that date vest, by force of this section but not otherwise, in the Bank on that date;

  (b)   the Bank is on and after that date, by force of this section, liable to pay and discharge all debts, liabilities and obligations of the Corporation that existed immediately before that date under the portfolio assets in that State or Territory;

  (c)   in spite of any other provision of this Act, any contract in force immediately before that date, being a contract comprising a portfolio asset in that State or Territory, has effect on and after that date as if:

  (i)   the Bank were a party to the contract instead of the Corporation; and

  (ii)   any reference in the contract to the Corporation were (except in relation to matters that happened before that date) a reference to the Bank; and

  (d)   the Commonwealth is, by force of this section, substituted for the Corporation as a party to any proceedings pending in any court immediately before that date (being proceedings to which the Corporation was a party and that relate to a portfolio asset in that State or Territory) and has the same rights in the proceedings as the Corporation had.

  (7)   The Bank is not liable to pay or discharge any liability or obligation arising out of proceedings to which the Commonwealth is substituted as a party under paragraph   (6)(d).

  (8)   Where a portfolio asset vests in the Bank under this section, the bank is bound by the terms and conditions of that asset and shall abide by and duly perform those terms and conditions and any obligations of the Corporation under that asset.

  (9)   The provisions of this Act and the Defence Service Homes Regulations specified in Schedule   2, as those provisions were in force immediately before the commencing day, shall be taken to be terms and conditions of portfolio assets which vest in the Bank under this section and, for that purpose, those provisions shall be read as if:

  (a)   references to the Corporation (other than in section   30 and subsections   35(2A) and 36A(1) of this Act as then in force) were references to the Bank;

  (b)   expressions used in those provisions that are defined in this Act as then in force had the same respective meanings as provided in those definitions; and

  (c)   they were further modified as specified in Schedule   2.

  (10)   A provision of a portfolio asset requiring or permitting a person to make payments under the asset at any office or to any person, other than the Corporation, shall cease to have effect when the portfolio asset vests in the Bank.

  (11)   An undertaking given by a person in relation to a portfolio asset under paragraph   35(2)(b) of this Act, as in force before the commencing day, shall, to the extent to which it has not been discharged before the day on which that asset vests in the Bank under this section, continue to have effect on and after that day as if it had been given by that person under paragraph   22(2)(b) of this Act.