26. The amount required to pay the cost of redeeming a period of absence without pay referred to in section 24 or 24.0.2 is payable either in a lump sum or by instalments spread over the period and payable at the times determined by the Commission.
Any amount paid by instalments bears interest, compounded annually, at the rate provided for in Schedule VII in force on the date on which the application is received and computed from the date on which the redemption proposal made by the Commission expires.
The interest rate provided for in Schedule VII, applicable to the cost of redemption paid by instalments, is established according to the rules, terms and conditions prescribed by regulation. The regulation may have effect 12 months or less before its adoption.
1973, c. 12, s. 24; 1977, c. 5, s. 14; 1983, c. 24, s. 1; 1985, c. 18, s. 4; 1986, c. 44, s. 68; 1990, c. 87, s. 32; 1992, c. 67, s. 35; 1997, c. 50, s. 16; 2002, c. 30, s. 37.