212AInstalment payments of public funding entitlement

212A Instalment payments of public funding entitlement (1) This section applies to an eligible registered political party or an eligible independent candidate. (2) Subject to subsection (5), an eligible registered political party or an eligible independent candidate is to be paid, in relation to a general election, an amount equal to the payment received under section 212(3) or (4) in relation to the immediately preceding general election, in 4 instalments as follows— (a) 40 per cent within 30 days after the Commission is given the statement under section 208 in relation to the immediately preceding general election; (b) 20 per cent on 30 April in each of the 2 calendar years preceding the calendar year in which the general election to which the payment relates is held; (c) 20 per cent on 30 April in the calendar year in which the general election to which the payment relates is held. (3) If the amount payable to the eligible registered political party or the eligible independent candidate under section 212(3) or (4) in relation to the general election is greater than the amount paid to the eligible registered political party or the eligible independent candidate under subsection (2), the Commission must make a payment equal to the balance in accordance with section 212(3) or (4). (4) If the amount payable to the eligible registered political party or the eligible independent candidate under section 212(3) or (4) in relation to the general election is less than the amount paid to the eligible registered political party or the eligible independent candidate under subsection (2)— (a) the amount of the overpayment must be deducted by the Commission from the first instalment of payment otherwise to be made to the eligible registered political party or the eligible independent candidate for the next general election and any balance still outstanding must be repaid to the Commission; or (b) the amount of the overpayment must be repaid to the Commission if the registered political party or independent candidate— (i) is not eligible to receive payment under this section in relation to the next general election; or (ii) has not elected to receive payment under this section in relation to the next general election. (5) If a general election is to be held under section 61(1)(b) due to the dissolution of the Assembly, and at the time the general election is to be held all the instalments under subsection (2) have not become payable— (a) no further instalments are to be made; and (b) subsections (3) and (4) apply in respect of the amount already paid in relation to the general election. (6) An amount paid by way of an instalment under paragraph (2)(b) or (c) to an eligible registered political party or an eligible independent candidate must not be used by the eligible registered political party or eligible independent candidate as security or collateral (however described) for a loan. (7) In this section— ***eligible independent candidate*** means an independent candidate who— (a) has received a payment under section 212(4) in respect of votes given at the immediately preceding general election to the independent candidate; and (b) makes an election in writing to the Commission, at the time that the independent candidate gives the Commission the statement under section 208 in relation to the immediately preceding general election, that they wish to receive payments under this section; ***eligible registered political party*** means a registered political party which— (a) has received a payment under section 212(3) in respect of votes given at the immediately preceding general election for a candidate endorsed by the registered political party; and (b) makes an election in writing to the Commission, at the time that the registered political party gives the Commission the statement under section 208 in relation to the immediately preceding general election, that they wish to receive payments under this section; ***independent candidate*** means a candidate at an election who is not endorsed by a registered political party; ***loan*** means— (a) an advance of money; or (b) the provision of credit or any other form of financial accommodation; or (c) the payment of an amount for, on account of, on behalf of or at the request of, the receiver, where there is an express or implied obligation to repay that amount; or (d) any other transaction, whatever its terms or form, that in substance is a loan of money— and includes a loan made on a commercial basis by a financial institution. S. 212B inserted by No. 30/2018 s. 54.