22Approval of application

22 Approval of application

22 Approval of application

(1) If STC approves an application made under section 20—

(a) STC shall appoint the day on and from which the applicant’s cover for the additional benefit is to commence and shall notify the applicant accordingly, and

(b) the applicant becomes, and remains, liable for payment of the additional benefit levy in accordance with subsection (2).

(2) Payment by a contributor of the additional benefit levy—

(a) shall commence on a date appointed by STC and shall be made at a rate determined by STC and at times so determined,

(b) shall be effected by transfer from the contributor’s account, and

(c) shall cease when the contributor no longer has available to be taken into account any prospective benefit points.

s 22: Am 1996 No 39, Sch 4.