226BReturn of unspent Commonwealth portion—provider election

226B  Return of unspent Commonwealth portion—provider election

 (1) A registered provider may, by written notice given to the System Governor and in accordance with the rules, elect to return the available balance of an unspent Commonwealth portion for an individual to the Commonwealth.

 (2) Before making the election, the registered provider must obtain the individual’s written agreement to the making of the election.

 (3) The election is irrevocable.

 (4) The provider must return the available balance of the unspent Commonwealth portion for the individual to the Commonwealth:

 (a) within the period prescribed by the rules after the day the notice of the election is given to the System Governor; and

 (b) in accordance with any other requirements prescribed by the rules.

Note: If the available balance is not returned to the Commonwealth in accordance with this section, it may be a recoverable amount: see subsection 514(3).