STUDENT ASSISTANCE ACT 1973

Part 4A - Financial Supplement for Tertiary Students  

Division 1 - Preliminary  

SECTION 12D   AGREEMENTS BETWEEN COMMONWEALTH AND FINANCIAL CORPORATIONS  

12D(1)  
An eligible student may apply for financial supplement only to a financial corporation that has entered into an agreement with the Commonwealth to pay financial supplement in accordance with this Act.

12D(2)  
Subject to this section, if the Minister has, whether before or after the commencement of this Part, entered into, on behalf of the Commonwealth, an agreement with a financial corporation for the payment by the corporation, in the year beginning on 1 January 1993 or a subsequent year, of financial supplement to eligible students, the corporation is a participating corporation for the purposes of this Part in respect of that year.

12D(3)  
Subsection (2) does not apply in relation to an agreement unless the agreement:


(a) is expressed to have effect subject to this Act; and


(b) provides for the payment by the Commonwealth to the financial corporation, in respect of each amount of financial supplement paid by the corporation to a student that has not been repaid, or in respect of which the rights of the corporation have been assigned to the Commonwealth, of a subsidy of such amount or amounts, or at such rate or rates, and in respect of such period or periods, as are stated in the agreement.

12D(4)  
Subject to subsection (5), the parties to an agreement referred to in subsection (2) (or such an agreement as previously amended) may enter into an agreement amending or terminating the first - mentioned agreement (or that agreement as previously amended).

12D(5)  
The amendment or termination of an agreement does not affect any financial supplement contract that was in force immediately before the amendment or termination took effect.

12D(6)  
An agreement entered into between the Commonwealth and a financial corporation as mentioned in this section is not subject to any stamp duty or other tax under a law of a State or Territory.

12D(7)  
An officer may disclose to a participating corporation any information about a student that is relevant to the exercise or performance by the corporation of any of its rights or obligations in respect of the student under this Part.

12D(8)  
A participating corporation may disclose to an officer any information about a student that is relevant to the exercise or performance of any rights, powers or obligations conferred or imposed on an officer or on the Commonwealth in respect of the student under this Part.




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