Document ID: chunk:federal_register_of_legislation:C2024C00825:section:119zc:p4
Version: federal_register_of_legislation:C2024C00825
Segment Type: section
Provision Reference: s 119ZC (pt 4/6)
Character Range: 421404–423845

dead, to his legal personal representative, an amount equal to so much of any premiums paid by the person in respect of the policy or policies as related to, or to any part of, the period that commenced on the date on which the transfer value referred to in paragraph (b) of subsection (1) of this section is to be deemed for the purposes of Division 2 to have become payable in respect of him and ended on the date on which he became an employee; and
 (iii) pay the balance to the Commonwealth; and
 (b) the Commonwealth shall pay to the person, or, if he is dead, to his legal personal representative, an amount equal to the sum of any amounts paid by the person to the Commonwealth under subsection (6).
 (9) Where the person attains the age of sixty years while he is a contributor to the Fund or to the Provident Account, or ceases to be such a contributor before he attains that age, and neither of the last two preceding subsections applies in relation to him, then, if the election made by the person under subsection (2) has not been revoked before 1 July 1976 in accordance with the next succeeding subsection:
 (a) the Board shall surrender the life policy or life policies assigned by him to the Board in accordance with subsection (3) of this section or issued in relation to him in accordance with subsection (4) of this section and, out of the proceeds of the surrender, shall:
 (i) make a payment to the Fund or to the Provident Account of an amount equal to the amount that, but for subsection (2) of this section, would have been paid by the Board to the Fund or to the Provident Account, as the case may be, under paragraph (a) of subsection (3), or under paragraph (a) of subsection (7), of section 119J together with compound interest on that amount, in respect of the period that commenced on the date on which the person made an election in accordance with paragraph (b) of subsection (1) of section 119J and ended on the date as at which the surrender value or surrender values of the life policy or life policies was or were calculated, at the rate or rates applicable under subsection (3) of section 90;
 (ii) in the case of a policy or policies assigned by the person to the Board in accordance with subsection (3) of this section—pay to the person an amount equal to so much of any premiums paid by the person in respect of the policy or policies as related to, or to any part of, the period that commenced on the