Document ID: chunk:federal_register_of_legislation:C2004A01037:clause:1_53
Version: federal_register_of_legislation:C2004A01037
Segment Type: clause
Provision Reference: sch 1 cl 53
Character Range: 14300–15062

53  At the end of section 69
Add:

 (4) If:
 (a) the responsible party has paid compensation for the damage of an amount equal to the insured amount for the launch permit or overseas launch certificate; and
 (b) apart from this section, the responsible party would be liable to pay further compensation to Australian nationals for the damage of an amount (the excess amount) in excess of the insured amount for the launch permit or overseas launch certificate;
then the Commonwealth is liable to pay compensation to the Australian nationals for the damage of an amount equal to so much of the excess amount as does not exceed $3 billion.

 (5) The Consolidated Revenue Fund is appropriated for the purposes of payments by the Commonwealth under subsection (4).