Student Assistance Act 1973

S 12N repealed by No 148 of 2010, s 3 and Sch 11 item 20, effective 18 December 2010. S 12N formerly read:

SECTION 12N HOW PAYMENTS OF FINANCIAL SUPPLEMENT ARE TO BE MADE  
12N(1)
A participating corporation that is liable to make a payment in respect of financial supplement to a student under a financial supplement contract must, unless the agreement between the corporation and the Commonwealth under section 12D otherwise provides, make the payment to the Commonwealth as its agent for the purpose of passing on the amount of the payment to the student in accordance with subsection (2).

12N(2)
An amount equal to any amount paid by a participating corporation to the Commonwealth under subsection (1) in respect of a student is to be credited to the Account and:

(a) when it is credited to the Account, an amount equal to that amount is to be paid by the Commonwealth to the student on behalf of the corporation and debited from the Account; and

(b) the amount so paid to the student is taken to be an amount paid to the student by the corporation in discharge of its liability under the contract to pay that amount to the student.

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History

S 12N(2) substituted by No 8 of 2005, s 3 and Sch 1 item 371, effective 22 February 2005. For savings provisions see note under s 12M . S 12N(2) formerly read:

12N(2)
An amount equal to any amount paid by a participating corporation to the Commonwealth under subsection (1) in respect of a student is to be paid into the Reserve out of the Consolidated Revenue Fund and:

(a) when it is paid into the Reserve, an amount equal to that amount is to be paid out of the Reserve to the student on behalf of the corporation; and

(b) the amount so paid to the student is taken to be an amount paid to the student by the corporation in discharge of its liability under the contract to pay that amount to the student.

12N(3)
If, after an amount paid by a participating corporation to the Commonwealth in respect of a student under subsection (1) is credited to the Account, it is found, for any reason, not to be possible to pass on the amount to the student under paragraph (2)(a), an amount equal to the first-mentioned amount is to be paid as soon as practicable by the Commonwealth to the corporation and debited from the Account.

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History

S 12N(3) substituted by No 8 of 2005, s 3 and Sch 1 item 371, effective 22 February 2005. For savings provisions see note under s 20G . S 12N(3) formerly read:

12N(3)
If, after an amount paid by a participating corporation to the Commonwealth in respect of a student under subsection (1) is paid into the Reserve, it is found, for any reason, not to be possible to pass on the amount to the student under paragraph (2)(a), an amount equal to the first-mentioned amount is to be paid as soon as practicable out of the Reserve to the corporation.

S 12N amended by No 152 of 1997 and inserted by No 138 of 1992.