Document ID: chunk:federal_register_of_legislation:C1965A00097:body:0:p5
Version: federal_register_of_legislation:C1965A00097
Segment Type: other
Provision Reference: 
Character Range: 10153–12844

authority, as the case may be, may, by notice in writing to the person, terminate the arrangement and, if the arrangement is so terminated—
       (c) the person shall, within two months after the termination or within such further period as the Treasurer allows, pay to the Commonwealth or to the approved authority, as the case may be, an amount equal to the sum of the contributions paid by the Commonwealth or the authority under the arrangement and compound interest on those contributions at the rate of Three pounds fifteen shillings per centum per annum, and—
             (i) if the amount is not paid within that period, it is recoverable by the Commonwealth or by the authority as a debt due to the Commonwealth or to the authority in any court of competent jurisdiction; and
             (ii) if the amount is not paid within that period and is not recovered in pursuance of the last preceding sub-paragraph (whether or not any action is taken so to recover the amount) and, in pursuance of the arrangement, a life assurance policy has been assigned to the Commonwealth or to the authority—the Commonwealth or the authority, as the case may be, may, notwithstanding any obligation on the Commonwealth or the authority to

             assign the policy to the person, surrender the policy and apply the proceeds of the surrender in reduction of the amount and, if the proceeds exceed the amount, shall pay an amount equal to the excess to the person; and
       (d) where, in pursuance of the arrangement, a life assurance policy has been assigned to the Commonwealth or to the authority and the policy has not been surrendered in accordance with the last preceding paragraph, the Commonwealth or the authority, as the case may be, shall, upon payment or recovery of the amount referred to in that paragraph, assign the policy to the person.
"(2a.) Where a person with whom an arrangement has been made under this section is or becomes a contributor to the Fund under Part III. of this Act or to the Provident Account and the arrangement has not been terminated under the last preceding sub-section—
       (a) if the arrangement has not otherwise terminated, the arrangement is, by force of this sub-section, terminated;
       (b) the person shall, within two months after the date of commencement of the Superannuation Act 1965 or the date on which he became or becomes a contributor, whichever is the later date, or within such further period as the Treasurer allows, pay to the Commonwealth or to the approved authority, as the case may be, an amount equal to the sum of the contributions paid by the Commonwealth or the authority under the arrangement and compound interest