42
CurrentOptions exercised on or after start day of service
Part 8Financial liability protection
Division 2Which financial liabilities this Part applies to
42 Options exercised on or after start day of service
(1)
This Part also applies to a liability to make a payment under a financial arrangement if:
(a)
the liability is a liability of:
(i)
a member who renders defence service; or
(ii)
a dependant of a member who renders defence service; and
(b)
the liability arose when the member or dependant exercised, on or after the start day of the service, an option under the financial arrangement to buy or lease something (including land); and
(c)
the option was granted before the start day.
(2)
This section is subject to the exceptions in sections 44, 45 and 46.
This Act’s bill:Explanatory memorandumSecond reading speech
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