Commonwealth Consolidated Acts

STUDENT ASSISTANCE ACT 1973 - SECT 12N

             (1)  A participating corporation that is liable to make a payment in respect of financial supplement to a student under a financial supplement contract must, unless the agreement between the corporation and the Commonwealth under section 12D otherwise provides, make the payment to the Commonwealth as its agent for the purpose of passing on the amount of the payment to the student in accordance with subsection (2).

             (2)  An amount equal to any amount paid by a participating corporation to the Commonwealth under subsection (1) in respect of a student is to be credited to the Account and:

                     (a)  when it is credited to the Account, an amount equal to that amount is to be paid by the Commonwealth to the student on behalf of the corporation and debited from the Account; and

                     (b)  the amount so paid to the student is taken to be an amount paid to the student by the corporation in discharge of its liability under the contract to pay that amount to the student.

             (3)  If, after an amount paid by a participating corporation to the Commonwealth in respect of a student under subsection (1) is credited to the Account, it is found, for any reason, not to be possible to pass on the amount to the student under paragraph (2)(a), an amount equal to the first‑mentioned amount is to be paid as soon as practicable by the Commonwealth to the corporation and debited from the Account.