Document ID: chunk:federal_register_of_legislation:C2024C00687:section:53
Version: federal_register_of_legislation:C2024C00687
Segment Type: section
Provision Reference: s 53
Character Range: 59480–60484

53  Interest payable on postponed payments under a financial arrangement
 (1) Interest is payable by the member or dependant on a payment under a financial arrangement that is postponed under this Division until the payment is made.
 (2) The interest is payable to the person to whom the postponed payments are required to be made.
 (3) The rate of the interest is:
 (a) the rate or rates specified in the financial arrangement concerned before the interest falls due; or
 (b) if no rate of interest is specified in the financial arrangement—the rate worked out in accordance with the rules as in force at the start of the start day of the member's defence service.
 (4) The interest is payable after the start of the postponement:
 (a) at the times specified in the financial arrangement for paying interest; or
 (b) if no times are specified or the times specified have passed—at the end of 3 months after the start of the postponement and at the end of each successive period of 3 months after that.