Commonwealth Numbered Acts

LIFE INSURANCE POLICY HOLDERS' PROTECTION LEVIES COLLECTION ACT 1991 No. 3 of 1992 - SECT 21

21. (1) If the Commissioner is satisfied that there are unlikely to be further
payments to or from the Fund (other than income from the investment of money
in the Fund), the Commissioner may, by notice published in the Gazette,
declare that the Fund is to be wound up.

(2) On the winding-up day, there is payable by the Commonwealth to each
company whose separate notional account has a credit balance so much of the
money in the Fund as represents that balance.

(3) If, on a particular day after the winding-up day, an amount is paid into
the Fund, there is payable by the Commonwealth to each company whose separate
notional account has a credit balance so much of the money in the Fund as
represents that balance.

(4) Subsections (2) and (3) have effect subject to a scheme covered by
section 19.