Document ID: chunk:federal_register_of_legislation:C2022C00288:section:82zh:p3
Version: federal_register_of_legislation:C2022C00288
Segment Type: section
Provision Reference: s 82ZH (pt 3/6)
Character Range: 182338–184809

transfer value in respect of the former contributor in accordance with section 82ZA to the person administering that scheme; and
 (d) the Board shall:
 (i) if the amount of any fortnightly contribution paid by the former contributor to the Fund exceeded the amount that was the prescribed amount in relation to him at the time of the payment—pay to him out of the Fund an amount equal to the amount of the excess; and
 (ii) pay to the Commonwealth out of the Fund an amount equal to the amount that, but for this Part, would have been payable to the former contributor under section 60 less any amounts paid to him under subparagraph (i).
 (8) If the life policy or life policies assigned by the person to the Board in accordance with subsection (3) or issued in relation to him in accordance with subsection (4) becomes or become payable at or before the time when he ceases to be a contributor:
 (a) the Board shall, out of the amount paid to it under the policy or policies:
 (i) pay to the Fund an amount equal to the amount that, but for subsection (2) of this section, would have been paid by the Board to the Fund under subsection 82R(3) together with compound interest on that amount, in respect of the period that commenced on the date on which the person made an election in accordance with paragraph 82R(1)(b) and ended on the date on which the life policy or life policies became payable, at the rate or rates applicable under subsection (15) of this section;
 (ii) in the case of a policy or policies assigned by the person to the Board in accordance with subsection (3)—pay to the person, or, if he is dead, to his legal personal representative, an amount equal to so much of any premiums paid by the person in respect of the policy or policies as related to, or to any part of, the period that commenced on the date on which the transfer value referred to in paragraph (1)(b) is to be deemed for the purposes of Division 2 to have become payable in respect of him and ended on the date on which he became a contributor; and
 (iii) pay the balance to the Commonwealth; and
 (b) the Commonwealth shall pay to the person, or, if he is dead, to his legal personal representative, an amount equal to the sum of any amounts paid by the person to the Commonwealth under subsection (6).
 (9) Where the person ceases to be a contributor and neither subsection (7) nor subsection (8) applies in relation to him, then, if the election made by him under subsection (2)