Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If monthly subsidy is payable to the subsidised borrower, the Secretary must pay the subsidy, as worked out under section 49, to the loan provider on a monthly basis in accordance with:
(a) the loan provider agreement; and
(b) either:
(i) if, for the purposes of section 81, a senior employee of an authorised Commonwealth contractor is performing the Secretary's functions under this Division under a delegation--the agreement mentioned in subsection 81(3); or
(ii) in any other case--a determination made by the Minister for the purposes of this section.
(2) An amount of monthly subsidy may be paid to a subsidised borrower only if subsidy is payable to the borrower as monthly subsidy during the most recently ended monthly authorisation period (see subsection (3)).
Note: See section 28 for when subsidy becomes payable, and section 36 for when subsidy stops being payable.
(3) The monthly authorisation period begins at the start of a day of one month, and ends immediately before the start of a day (the authorisation day ) of the next month, as worked out in accordance with:
(a) if, for the purposes of section 81, a senior employee of an authorised Commonwealth contractor is performing the Secretary's functions under this Division under a delegation--the agreement mentioned in subsection 81(3); or
(b) in any other case--a determination made by the Minister for the purposes of this section.
(4) A determination under subparagraph (1)(b)(ii) or paragraph (3)(b) is a legislative instrument.