Document ID: chunk:federal_register_of_legislation:C2024C00825:section:7:p3
Version: federal_register_of_legislation:C2024C00825
Segment Type: section
Provision Reference: s 7 (pt 3/3)
Character Range: 43625–44339

proceeds exceed the amount, shall pay an amount equal to the excess to the person; and
 (c) if, 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 paragraph (b), 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.
 (3) An approved authority may apply for the purposes of an arrangement under this section any moneys under the control of the approved authority.
 (5) This section has effect subject to section 119ZD.

Part III—Contributions

Division 1—Contributions by employees