Student Assistance Act 1973
If a student who is a party to a financial supplement contract with a participating corporation dies during the contract period, the Secretary may give written notice to that effect to the corporation.
12V(2)
If a notice is given under subsection (1), the following provisions apply:
(a) as from the time the notice is given, the corporation is discharged from liability to make further payments to the student under the contract;
(b) the corporation's rights in respect of the student under the contract are assigned to the Commonwealth, by force of this paragraph, at the time when the corporation ceased to make payments under the contract or at the end of 4 weeks after the time the notice was given, whichever is the earlier;
(c) the Commonwealth is liable to pay to the corporation in respect of those rights the amount worked out in relation to the contract as at the time when the corporation ceased to make payments under the contract or at the end of 4 weeks after the time the notice was given, whichever is the earlier, using the formula:
| Principal sum − (Actual repayments + Notional repayments |
(d) the indebtedness of the student to the Commonwealth under the contract as a result of the assignment is discharged by force of this paragraph.
12V(3)
If, despite paragraph (2)(a), the corporation makes payments to the student after the time the notice is given, any amounts so paid after the end of 4 weeks after that day:
(a) are taken not to be payments of financial supplement made under the contract; and
(b) are repayable from the student's estate to the corporation; and
(c) may be recovered by the corporation as a debt due to it from the student's estate.
Note:
Sections 28A and 29 of the Acts Interpretation Act 1901 (which deal with service of documents) apply to a notice given under this section.
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