Document ID: chunk:federal_register_of_legislation:C2025C00162:section:1061zzax
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 1061ZZAX
Character Range: 1540205–1541690

1061ZZAX  Making a contract between person and participating corporation
 (1) If a person applies to a participating corporation under Division 5 for the payment of financial supplement for an eligibility period, the corporation must, as soon as practicable, accept the application by written notice to the person.
 (2) A contract is made when the corporation accepts the application by giving the notice referred to in subsection (1). The contract is a financial supplement contract.
 (3) A financial supplement contract is a contract for the making of a loan by the corporation to the person under this Division without any requirement on the person to pay interest.
 (4) The contract must be for the amount of financial supplement for which the person from time to time asks, but the amount must not be less than the minimum amount, or more than the maximum amount, of financial supplement that the person is, from time to time, eligible to obtain under Division 6.
 (5) The contract must also allow, but not compel, the person to make repayments during the contract period under Division 13 of the amount outstanding at any time under the contract.
 (6) The contract must set out the termination date for the contract. The date to be set out is the last day of the contract period.
 (7) The contract period is the period beginning on the day when the contract is made and ending on 31 May in the year in which the last of the periods referred to in paragraph 1061ZZCH(1)(b) ends.