Document ID: chunk:federal_register_of_legislation:F2021C00174:reg:12:p5
Version: federal_register_of_legislation:F2021C00174
Segment Type: reg
Provision Reference: reg 12 (pt 5/5)
Character Range: 12502–15244

in the following order:
                     (i) in payment of reasonable costs of the sale or exploitation;
                     (ii) in payment of any reasonable administrative costs arising from the forfeiture, sale or withdrawal;
                     (iii) in payment of any outstanding amounts due from the member as scheme property:
                         (A) for a defaulting member—that were outstanding as at the date the interest is sold; or
                         (B) for an approved hardship member—that were outstanding as at the date the responsible entity received the member's hardship application;
                     (iv) in payment of any amounts that were overdue for payment by the member to the responsible entity other than as scheme property, or that were overdue for payment to any other person in relation to the member's participation in the scheme on:
                         (A) for a defaulting member—the date the interest is sold; or
                         (B) for an approved hardship member—the date the responsible entity received the member's hardship application;
                     (v) in payment of any amounts payable by or on behalf of the defaulting member or approved hardship member to a person in relation to a liability of the member to the person for amounts with respect to financial accommodation provided by the person in connection with the member's acquisition of the interest;
                     (vi) in payment of any remaining amount to the defaulting member or approved hardship member.
           Interpretation
              (1B) For the purposes of subsections (1A) to (1C):
              approved hardship member means a member of a registered time-sharing scheme who has received a decision notice from the responsible entity stating that the responsible entity has approved the member's hardship application.
              decision notice means a written notice of the responsible entity's decision in relation to a hardship application.
              decision period means, in relation to a hardship application, for each circumstance set out in column 2 of the following table, the period set out in column 3.

Decision period for giving a decision notice
Item                                          Column 2                                                                                                                                                                                             Column 3
                                              circumstance                                                                                                                                                                                         decision period