118Amount to be paid as refund of subscriptions

#### 118 Amount to be paid as refund of subscriptions 118 Amount to be paid as refund of subscriptions > > (1) A person to whom this Division applies shall pay to the Secretary for payment into the repayment fund established under section 117 (1) in respect of that person such amount as may be calculated by the Secretary in accordance with this section as the appropriate refund of subscriptions by that person. > > > (2) Subject to this Division, the appropriate refund of subscriptions by a person to whom this Division applies shall be the sum of the amount of all money paid under existing pre-paid contracts entered into by that person and of an amount equal to the value of all other valuable consideration given to that person under those contracts. > > > (3) An amount calculated by the Secretary in accordance with this section as the appropriate refund of subscriptions by a person to whom this Division applies shall be paid to the Secretary by such time as the Secretary may by notice served on that person direct or, where the Secretary considers it appropriate to do so, in such instalments and at such times as the Secretary so directs. > > > (4) Where the appropriate refund of subscriptions by a person to whom this Division applies is paid by instalments under subsection (3), the amount of each instalment shall be increased by a sum calculated at the prescribed rate. > > > (5) Any calculation under subsection (4) shall be made in respect of each day that has elapsed between the prescribed day in respect of the person making the payment and the date of payment. > > > (6) Any increase of an instalment under subsection (4) shall be deemed to be part of the appropriate refund of subscriptions to which the instalment relates. > > > (7) The Secretary may obtain and hold securities for the payment by instalments under subsection (3) of the appropriate refund of subscriptions by a person to whom this Division applies. > > > (8) Where the amount of the appropriate refund of subscriptions by a person to whom this Division applies or an instalment of that amount, as the case may be, is not paid by the time directed under subsection (3), that amount, including any increase of that amount under subsection (4) but not including any instalment of that amount already paid, may be recovered in any court of competent jurisdiction as a debt due by the person to the Secretary. > > > (9) An existing pre-paid funeral fund (not being a person to whom this Division applies) who has been paid any money or given any other valuable consideration under an existing pre-paid contract which is cancelled under this Division shall, forthwith after that cancellation, pay to the Secretary, to be applied under subsection (11) on behalf of the person who entered into the contract, the amount of money paid and an amount equal to the value of any other valuable consideration given under the contract. > > > (10) Where an existing pre-paid funeral fund fails to pay the Secretary an amount required to be paid by the fund under subsection (9), that amount may be recovered in any court of competent jurisdiction as a debt due by the fund to the Secretary. > > > (11) The appropriate refund of subscriptions of a person to whom this Division applies shall be reduced by any amount paid on the person’s behalf under subsection (9) or recovered under subsection (10).