sec.50ARefund of contribution to previous holder if election notice not given to changed holder

sec.50A Refund of contribution to previous holder if election notice not given to changed holder

This section applies if— a holder of an authority (a previous holder ) pays a contribution; and during the period for which the contribution is paid, a changed holder event happens that has the effect of another holder of the authority (the changed holder ) being liable to give a surety under this part; and the changed holder is liable to give the surety because the scheme manager did not give the changed holder an election notice for the authority. The scheme manager must, within 30 business days after the changed holder gives the surety under this part, refund to the previous holder the proportion of the amount of the contribution the previous holder paid that is equal to the number of days between— the day the changed holder’s liability takes effect under subdivision 2 ; and the end of the period for which the previous holder paid the contribution. s 50A ins 2024 No. 33 s 117 (sec.50A-ssec.1) This section applies if— a holder of an authority (a previous holder ) pays a contribution; and during the period for which the contribution is paid, a changed holder event happens that has the effect of another holder of the authority (the changed holder ) being liable to give a surety under this part; and the changed holder is liable to give the surety because the scheme manager did not give the changed holder an election notice for the authority. (sec.50A-ssec.2) The scheme manager must, within 30 business days after the changed holder gives the surety under this part, refund to the previous holder the proportion of the amount of the contribution the previous holder paid that is equal to the number of days between— the day the changed holder’s liability takes effect under subdivision 2 ; and the end of the period for which the previous holder paid the contribution.

• (a) a holder of an authority (a previous holder ) pays a contribution; and
• (b) during the period for which the contribution is paid, a changed holder event happens that has the effect of another holder of the authority (the changed holder ) being liable to give a surety under this part; and
• (c) the changed holder is liable to give the surety because the scheme manager did not give the changed holder an election notice for the authority.
• (a) the day the changed holder’s liability takes effect under subdivision 2 ; and
• (b) the end of the period for which the previous holder paid the contribution.