5Validation of interest payment

5 Validation of interest payment

5 Validation of interest payment

If the interest paid in respect of a refund of contributions made under section 19J (as in force before the commencement of Schedule 3 (6) to the Coal and Oil Shale Mine Workers (Superannuation) Amendment Act 1994) exceeds the interest allowed by subsection (1A) of that section (as so in force), but did not exceed the interest that would have been payable in respect of the refund if the provisions of Schedule 4 had been applicable to the refund at the time of its payment, the payment of interest is validated and taken to have been lawfully made.