(1) An unauthorized debt management activity is void and of no effect.
(2) Money received on behalf of the Government, by way of principal, in relation to a void transaction is refundable to the creditor and no further payment shall be received on behalf of the Government under the transaction.
(3) Money paid by the Government by way of principal, interest, charges or other payments in relation to a void transaction is refundable and no further payment by the Government is due.
(4) The Minister shall lay a report in Parliament within 30 days from the occurrence of the unauthorized debt management activity under subsection (1).
(5) A report under subsection (4) must specify —
(a) the causes of the unauthorized debt management activity;
(b) the measures taken or proposed to be taken to re-establish compliance with this Act.
(6) In this section, “unauthorized debt management activity” means a debt management activity which is purported to be undertaken on behalf of the Government by a person other than the Minister or a person delegated by the Minister, or otherwise in contravention of this Act.