Document ID: chunk:federal_register_of_legislation:C2024C00825:section:119zc:p3
Version: federal_register_of_legislation:C2024C00825
Segment Type: section
Provision Reference: s 119ZC (pt 3/6)
Character Range: 419155–421613

with subsection (3) or issued in relation to the former contributor in accordance with subsection (4);
 (c) the assignment of those life policies in accordance with paragraph (b) shall be deemed to constitute the payment of a transfer value in respect of the former contributor in accordance with section 119V 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 or to the Provident Account exceeded the amount that was the prescribed amount in relation to him at the time of the payment—make a payment to him out of the Fund or the Provident Account, as the case may be, of an amount equal to the amount of the excess; and
 (ii) make a payment to the Commonwealth out of the Fund or the Provident Account, as the case may be, of an amount equal to the amount that, but for this Part, would have been payable to the former contributor under section 51 or section 85 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 ceased to be a contributor to the Fund or to the Provident Account:
 (a) the Board shall, out of the amount paid to it under the policy or policies:
 (i) make a payment to the Fund or to the Provident Account of an amount equal to the amount that, but for subsection (2) of this section, would have been paid by the Board to the Fund or to the Provident Account, as the case may be, under paragraph (a) of subsection (3), or under paragraph (a) of subsection (7), of section 119J 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 (b) of subsection (1) of section 119J and ended on the date on which the life policy or life policies became payable, at the rate or rates applicable under subsection (3) of section 90;
 (ii) in the case of a policy or policies assigned by the person to the Board in accordance with subsection (3) of this section—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