Payment of premiums
8 Payment of premiums
After the transfer time, Division 4A of Part VII of the SRC Act applies to the Bank body as if:
the Bank body continued to be a Commonwealth authority; and
the Bank body were not required to pay a premium under that Division in respect of the part of a financial year that occurs after the transfer time; and
the following word and paragraph were added at the end of subsection 96H(1) of the SRC Act:
“; or (f) in the case of an authority—the authority is not required to pay a premium under this Division in respect of part of a financial year.”.
If an amount of premium payable by the Bank body in respect of a period before the transfer time remains unpaid, the amount is a debt due to the Commonwealth by the Bank body and is payable to Comcare.
This Act’s bill:Second reading speech
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