8Payment of premiums

8 Payment of premiums

(1) After the transfer time, Division 4A of Part VII of the SRC Act applies to the Bank body as if: (a) the Bank body continued to be a Commonwealth authority; and (b) the Bank body were not required to pay a premium under that Division in respect of the part of a financial year that occurs after the transfer time; and (c) the following word and paragraph were added at the end of subsection 96H(1) of the SRC Act: “; or (f) in the case of an authority—the authority is not required to pay a premium under this Division in respect of part of a financial year.”. (2) If an amount of premium payable by the Bank body in respect of a period before the transfer time remains unpaid, the amount is a debt due to the Commonwealth by the Bank body and is payable to Comcare.