MOTOR ACCIDENTS (LIABILITIES AND COMPENSATION) ACT 1973 - SECT 13D Determination of percentage of premiums payable into Foundation
MOTOR ACCIDENTS (LIABILITIES AND COMPENSATION) ACT 1973 - SECT 13D
Determination of percentage of premiums payable into Foundation
(1) In this section, prescribed percentage means the percentage determined by the Board under subsection (2) (b) (i) .(2) In respect of each financial year, the Board must determine (a) whether a percentage of the total of the premiums paid to the Board during that financial year is to be paid into the Foundation; and(b) if such a percentage is to be paid into the Foundation (i) what that percentage is to be; and(ii) the manner in which, and the times at which, that percentage is to be paid into the Foundation.(3) In determining a prescribed percentage, the Board must determine a percentage that is not greater than 1%.(4) If the Board has determined that a prescribed percentage is to be paid into the Foundation in respect of a financial year, the Board must pay the prescribed percentage into the Foundation in the manner, and at the times, determined under subsection (2) (b) (ii) .(5) Notwithstanding that this section commenced after 30 June 1993, the Board may, within 6 months after the commencement of this section, make determinations under subsection (2) in respect of the financial year that ended on that day.