7 Application of Act to bonded scholarships

(1)

An amount repayable under a bonded scholarship (the default amount), along with interest payable in accordance with the scholarship agreement, may be recovered under this Act as if—

(a)

the default amount were a loan advance; and

(b)

the recipient of the scholarship were a borrower; and

(c)

the scholarship agreement were a loan contract.

(2)

Despite any enactment or rule of law, if a provision in an agreement for a bonded scholarship conflicts with this section, this section prevails.

(3)

In this section, bonded scholarship means an allowance or agreement that is declared under section 307AC of the Education Act 1989 to be a bonded scholarship.

Compare: 1992 No 141 s 2A