29A

29A Special rules for crediting reassessment surplus to institutions and funder of last resort

(1) This section is made for the purposes of paragraph 71Z(3)(b) of the Act. (2) In the case of a defunct institution, that is not a participating institution, the Operator will undertake best endeavours to pay the surplus to the following person in the specified order: (a) First to each person identified in accordance with the constitution or other governing documents of the institution. (b) If the person identified in paragraph (a) is not available or cannot accept the payment, to each person identified in accordance with the directions of a liquidator. (c) If the person identified in paragraph (a) and (b) is not available or cannot accept the payment, to each person that may have taken responsibility for the defunct institution.