52Actions where a State intends to cease participating

52  Actions where a State intends to cease participating

 (1) Where a participating State gives notice, in accordance with the Intergovernmental Agreement on the Help to Buy Scheme, that it intends to stop being a participating State:

 (a) no further places are to be allocated to the State after the date Housing Australia becomes aware of the giving of the notice; and

 (b) Housing Australia may still use a place for an arrangement, or enter into an arrangement, in respect of property in that State, if:

 (i) Housing Australia had committed the place before the date mentioned in paragraph (a); and

 (ii) the State has not ceased to be a participating State as of the date the place is used or the arrangement is entered into.

Note: See subsection 35(4) of the Act for the circumstances in which a State stops being a participating State.

 (2) If a State ceases to be a participating State:

 (a) Housing Australia cannot use a place in respect of a relevant property in that State from the day the State becomes a cooperating State or a withdrawn State (in both cases, the withdrawal day), even if it had committed the place before that day; and

 (b) if Housing Australia has entered into an arrangement in respect of a relevant property in that State, but settlement has not been completed as of the withdrawal day—Housing Australia must terminate the arrangement.

 (3) Where, under this section, Housing Australia:

 (a) can no longer use a place, or enter into an arrangement in respect of a place, in relation to property in a particular State; or

 (b) terminates an arrangement in respect of a place, in relation to property in that State;

Housing Australia may commit or use the place for an arrangement in respect of property in any other participating State or a Territory at any time between 1 March in the financial year in which the notice was given by the participating State that it intends to stop being a participating State and the end of that financial year.

 (4) This section applies despite anything in sections 48 and 50.