1061ZZCO
In forceRights and liabilities of participating corporation if repayment made
Volume 3Chapter 2AA, Part 2AA.1 to Chapter 3, Part 3.12 (sections 1061ZVAA to 1157)
Chapter 2BStudent Financial Supplement Scheme
Part 2B.1Establishment of scheme
Division 13Early repayments of financial supplement
Subdivision BPerson’s rights to make repayments during contract period
1061ZZCO Rights and liabilities of participating corporation if repayment made
(1)
This section applies if, immediately after a repayment is made under a financial supplement contract made by a participating corporation, the total of the amounts repaid and the amounts notionally repaid is equal to or exceeds the principal sum.
(2)
The corporation’s rights under the contract are, by this subsection, transferred to the Commonwealth immediately after the repayment is made.
(3)
If the total of the amounts repaid and the amounts notionally repaid exceeds the principal sum, the corporation must pay the excess to the Commonwealth.
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