sec.94Allocation process not finished before the commencement

sec.94 Allocation process not finished before the commencement

This section applies if— before the commencement, the scheme manager had started, but not finished, the allocation process for an authority; and on the commencement, the estimated rehabilitation cost for the authority is equal to or more than the prescribed ERC amount. The allocation process for the authority continues as if the amendment Act had not been enacted. The scheme manager must— decide the annual review allocation day for the authority; and give the holder notice of the decision before or when the notice mentioned in former section 31 is given to the holder. The annual review allocation day takes effect on the day the risk category allocation is decided for the authority under the allocation process. Despite subsection (2) and former section 31(d), a notice given under former section 31 must state the amount of the contribution to the scheme fund, or surety, required under new part 3, division 2 in relation to the authority, and when the amount must be paid or given under the new division. The initial risk category allocation decided for the authority under the allocation process is taken to be an initial risk category allocation for the authority under new section 27. The day the risk category allocation is decided under the allocation process is taken to be the initial allocation day for the authority under new section 31(1)(a). s 94 ins 2024 No. 33 s 129 (sec.94-ssec.1) This section applies if— before the commencement, the scheme manager had started, but not finished, the allocation process for an authority; and on the commencement, the estimated rehabilitation cost for the authority is equal to or more than the prescribed ERC amount. (sec.94-ssec.2) The allocation process for the authority continues as if the amendment Act had not been enacted. (sec.94-ssec.3) The scheme manager must— decide the annual review allocation day for the authority; and give the holder notice of the decision before or when the notice mentioned in former section 31 is given to the holder. (sec.94-ssec.4) The annual review allocation day takes effect on the day the risk category allocation is decided for the authority under the allocation process. (sec.94-ssec.5) Despite subsection (2) and former section 31(d), a notice given under former section 31 must state the amount of the contribution to the scheme fund, or surety, required under new part 3, division 2 in relation to the authority, and when the amount must be paid or given under the new division. (sec.94-ssec.6) The initial risk category allocation decided for the authority under the allocation process is taken to be an initial risk category allocation for the authority under new section 27. (sec.94-ssec.7) The day the risk category allocation is decided under the allocation process is taken to be the initial allocation day for the authority under new section 31(1)(a).