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 64 (ARCHIVE)  

64   FORM OF TRANSFER OF BENEFITS OF REGISTRATION  
If the DAA grants an application for transfer of the benefits of registration, this Act has effect, in relation to an application made by the new party for registration of, or for a certificate in relation to, the whole or a part of the plant expenditure incurred, or proposed to be incurred, by the new party in carrying out the new party's project as if:

(a) section 27 (which deals with the timing of applications for registration) had not been enacted; and

(b) the $50 million threshold test were modified so that so much of:

(i) the gross capital expenditure incurred by the parties to the old joint venture in respect of carrying out the old joint venture project; and

(ii) if there have been one or more prior successive old joint ventures - the gross capital expenditure incurred by the parties to the prior successive old joint ventures in respect of carrying out the old joint venture projects;

as the DAA considers reasonable were treated as if it were gross capital expenditure incurred by the parties to the new joint venture project in carrying out the new joint venture project.