Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) On receipt of an application under section 17, the Secretary must grant the approval sought if, and only if, satisfied that:
(a) the proposed sale, purchase or transfer has not been ordered by the Federal Circuit and Family Court of Australia (Division 1) ; and
(b) as a result of the proposed sale, purchase or transfer, the property concerned will be owned by the subsidised borrower, or by the subsidised borrower and his or her spouse or de facto partner as joint tenants, and will not be owned by any other person.
(2) Where the Secretary grants an approval under this section, the Secretary must cause a notice of approval, in the approved form, to be sent to the applicant and to the Bank.