sch.1-sec.42CPreservation of Commonwealth entitlement and security

sch.1-sec.42C Preservation of Commonwealth entitlement and security

If: disregarding sections 41A and 42 and this section, Housing Australia, on behalf of the Commonwealth: is entitled under a Help to Buy arrangement to a return on a contribution made under the Help to Buy arrangement; or under a Help to Buy arrangement, secures such an entitlement by means of a mortgage or other right relating to a residential property; and apart from this subsection, an effect of section 41A or 42 would be: that Housing Australia is not entitled to that return, or does not secure that entitlement in that way; or to diminish or restrict that entitlement or security or Housing Australia’s functions or powers in relation to that entitlement or security; section 41A or 42 does not apply to the extent that it would otherwise have the effect described in paragraph (b) of this subsection. To avoid doubt, in subsection (1) : a reference to a Help to Buy arrangement includes a reference to a Help to Buy arrangement that Housing Australia would be taken to have entered into if section 41A or 42 were disregarded; and a reference to a contribution made under a Help to Buy arrangement includes a reference to a contribution Housing Australia would be taken to have made, on behalf of the Commonwealth, under a Help to Buy arrangement if section 41A or 42 were disregarded; and a reference to Housing Australia’s functions or powers in relation to an entitlement or security includes a reference to Housing Australia’s functions or powers in relation to a Help to Buy arrangement, to the extent that the Help to Buy arrangement relates to the entitlement or security. (sch.1-sec.42C-ssec.1) If: disregarding sections 41A and 42 and this section, Housing Australia, on behalf of the Commonwealth: is entitled under a Help to Buy arrangement to a return on a contribution made under the Help to Buy arrangement; or under a Help to Buy arrangement, secures such an entitlement by means of a mortgage or other right relating to a residential property; and apart from this subsection, an effect of section 41A or 42 would be: that Housing Australia is not entitled to that return, or does not secure that entitlement in that way; or to diminish or restrict that entitlement or security or Housing Australia’s functions or powers in relation to that entitlement or security; section 41A or 42 does not apply to the extent that it would otherwise have the effect described in paragraph (b) of this subsection. (sch.1-sec.42C-ssec.2) To avoid doubt, in subsection (1) : a reference to a Help to Buy arrangement includes a reference to a Help to Buy arrangement that Housing Australia would be taken to have entered into if section 41A or 42 were disregarded; and a reference to a contribution made under a Help to Buy arrangement includes a reference to a contribution Housing Australia would be taken to have made, on behalf of the Commonwealth, under a Help to Buy arrangement if section 41A or 42 were disregarded; and a reference to Housing Australia’s functions or powers in relation to an entitlement or security includes a reference to Housing Australia’s functions or powers in relation to a Help to Buy arrangement, to the extent that the Help to Buy arrangement relates to the entitlement or security.