DEVELOPMENT ALLOWANCE AUTHORITY ACT 1980 (ARCHIVE)

CHAPTER 2 - DEVELOPMENT ALLOWANCE  

PART 6 - TRANSFER OF BENEFITS OF REGISTRATION OR CERTIFICATE  

Division 2 - Re-constituted joint ventures  

SECTION 59 (ARCHIVE)  

59   APPLICATION FOR TRANSFER OF BENEFITS OF REGISTRATION OR CERTIFICATE TO PARTIES TO RE-CONSTITUTED JOINT VENTURE  
If:

(a) either of the following applies to an entity ( ``old party'' ):

(i) a registration of plant expenditure in the name of the entity was cancelled under section 58 ;

(ii) a certificate held by the entity in relation to plant expenditure was terminated under section 58 ; and

(b) the cancellation or termination was the result of a change in the composition of the parties to a joint venture ( ``old joint venture'' ) who carried on the various parts of a joint venture project ( ``old joint venture project'' ); and

(c) the following conditions are satisfied in relation to an entity ( ``new party'' ) (who may be the same entity as the old party):

(i) the new party is a party to a joint venture ( ``new joint venture'' );

(ii) at least one of the parties to the old joint venture is a party to the new joint venture; and

(iii) the parties to the new joint venture have carried out, or are proposing to carry out, a project ( ``new joint venture project'' ) which consists of the takeover, or proposed takeover, of the completion of the old joint venture project (with or without modification); and

(iv) the new party has carried out, or proposes to carry out, a project ( ``new party's project'' ) which consists of a part of the new joint venture project; and

(d) either:

(i) the new party has incurred, or proposes to incur, plant expenditure in carrying out the new party's project; or

(ii) both:

(A) the new party has incurred, or proposes to incur, expenditure in acquiring from an old party a unit of property that was new in the hands of the old party; and

(B) the acquisition has taken place, or will take place, in the course of carrying out the new party's project; and

(e) if the old joint venture project was part of a joint venture project scheme - the new joint venture project is part of a joint venture project scheme;

the new party may apply to the DAA for a transfer of the benefits of the registration or certificate, as the case may be.