10Refund of licence fee

10 Refund of licence fee

(1) If the Bank body has paid a licence fee under section 107R of the SRC Act in respect of the licence fee year in which the transfer time occurs, then the Bank body is entitled to be paid a refund of the amount worked out using the following formula: Image unavailable in extracted text where:

Number of refund days means the total number of days in the period beginning at the transfer time and ending on the last day of the licence fee year in which the transfer time occurs.

(2) In this section:

licence fee year means the year beginning on the date of commencement of a licence granted under section 107J of the SRC Act and ending on the day before the anniversary of that date.