13DDetermination of percentage of premiums payable into Foundation

13D Determination of percentage of premiums payable into Foundation

[Section 13D Inserted by No. 85 of 1993, s. 8 ]

(1)  In this section, prescribed percentage means the percentage determined by the Board under subsection (2) (b) (i) .

(2)  In respect of each financial year, the Board must determine –

(a) whether a percentage of the total of the premiums paid to the Board during that financial year is to be paid into the Foundation; and

(b) if such a percentage is to be paid into the Foundation –

(i) what that percentage is to be; and

(ii) the manner in which, and the times at which, that percentage is to be paid into the Foundation.

(3)  In determining a prescribed percentage, the Board must determine a percentage that is not greater than 1%.

(4)  If the Board has determined that a prescribed percentage is to be paid into the Foundation in respect of a financial year, the Board must pay the prescribed percentage into the Foundation in the manner, and at the times, determined under subsection (2) (b) (ii) .

(5)  Notwithstanding that this section commenced after 30 June 1993, the Board may, within 6 months after the commencement of this section, make determinations under subsection (2) in respect of the financial year that ended on that day.