Commonwealth Consolidated Acts

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SOCIAL SECURITY ACT 1991 - SECT 1061ZZCO

Rights and liabilities of participating corporation if repayment made

             (1)  This section applies if, immediately after a repayment is made under a financial supplement contract made by a participating corporation, the total of the amounts repaid and the amounts notionally repaid is equal to or exceeds the principal sum.

             (2)  The corporation's rights under the contract are, by this subsection, transferred to the Commonwealth immediately after the repayment is made.

             (3)  If the total of the amounts repaid and the amounts notionally repaid exceeds the principal sum, the corporation must pay the excess to the Commonwealth.



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