Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.10B - FINANCIAL SERVICES COMPENSATION SCHEME OF LAST RESORT  

Division 2 - Compensation payments under the scheme  

SECTION 1063   COMPENSATION PAYMENTS  

1063(1)    
The CSLR operator must pay to a person an amount of compensation for a relevant AFCA determination made in respect of the person if:

(a)    the person is eligible under section 1064 for compensation for the determination; and

(b)    the amount of compensation for the determination is the amount referred to in section 1067 ; and

(c)    the CSLR operator has offered under section 1068 that amount of compensation; and

(d)    the person has accepted under section 1069 that offer of that amount of compensation.

1063(2)    
The CSLR operator must pay the amount of compensation to the person:

(a)    in a single lump sum; or

(b)    if a determination under subsection 1069H(2) specifies, under subsection 1069H(3) , a class of persons that includes the person - in the instalments specified in the determination for that class of persons over the period specified in the determination.

1063(3)    
The CSLR operator must not pay an amount under this section before:

(a)    the start of the first levy period; or

(b)    any later day prescribed by regulations made for the purposes of this paragraph.