Document ID: chunk:federal_register_of_legislation:C2004C01135:clause:2_1061zzco
Version: federal_register_of_legislation:C2004C01135
Segment Type: clause
Provision Reference: sch 2 cl 1061ZZCO
Character Range: 100512–101215

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.

Subdivision C—What happens at the end of the contract period