Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If the Secretary decides that an eligible student to whom a notice is given under section 12QA failed to notify the Department under subsection 48(1) of the happening of a prescribed event in relation to the student within 14 days of the happening of the event, the Secretary may give written notice of the decision to the student and to the participating corporation.
(2) If notice is given under subsection (1), then, unless the decision of the Secretary under subsection (1) is set aside or varied:
(a) the corporation's rights in respect of the student under the contract that relate to financial supplement paid by the corporation to the student after the end of the period beginning at the end of the period of 14 days referred to in subsection (1) and ending at the end of the period of 4 weeks referred to in paragraph 12QA(2)(b) (the wrongly paid financial supplement ) are assigned to the Commonwealth, by force of this paragraph, at the time when the notice was given to the corporation; and
(b) any actual repayments of financial supplement made by the student before the notice was given to the student under subsection (1) are taken to have been made:
(i) first, in or towards repayment of the wrongly paid financial supplement; and
(ii) secondly, to the extent (if any) to which the sum of those repayments exceeded the amount of the wrongly paid financial supplement, in or towards repayment of the remainder of the financial supplement paid to the student under the contract; and
(c) the Commonwealth is liable to pay to the corporation in respect of the rights referred to in paragraph (a), the amount of any wrongly paid financial supplement that has not been repaid; and
(d) the student is liable to pay to the Commonwealth an amount equal to the sum of:
(i) the amount that the Commonwealth is liable to pay to the corporation under paragraph (c); and
(ii) the part of the total subsidy paid by the Commonwealth to the corporation in respect of the financial supplement paid to the student under the contract that was paid in lieu of interest on the principal sum in respect of the period beginning at the end of the period of 14 days referred to in subsection (1) and ending at the end of the period of 4 weeks referred to in paragraph 12QA(2)(b).
(3) Nothing in this section affects the operation of section 12QA.