DEVELOPMENT ALLOWANCE AUTHORITY ACT 1980 (ARCHIVE)

CHAPTER 2 - DEVELOPMENT ALLOWANCE  

PART 6 - TRANSFER OF BENEFITS OF REGISTRATION OR CERTIFICATE  

Division 3 - Re-constituted partnerships  

SECTION 69 (ARCHIVE)  

69   APPLICATION FOR TRANSFER OF BENEFITS OF REGISTRATION OR CERTIFICATE TO RE-CONSTITUTED PARTNERSHIP  
If:

(a) either of the following applies to a partnership ( ``old partnership'' );

(i) a registration of plant expenditure in the name of the old partnership is cancelled under section 68 ;

(ii) a certificate held by the old partnership in relation to plant expenditure is terminated under section 68 ; and

(b) the following conditions are satisfied in relation to another partnership ( ``new partnership'' ):

(i) the new partnership has taken over, or proposes to take over, the completion of the project concerned (with or without modification);

(ii) at least one partner of the old partnership is a partner of the new partnership; and

(c) either:

(i) the new partnership has incurred, or proposes to incur, plant expenditure in carrying out the completion of the project (with or without modification); or

(ii) both:

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

(B) the acquisition has taken place, or will take place, in the course of the new partnerships' takeover, or proposed takeover, of the completion of the project (with or without modification); and

(d) if the old partnership's project was part of an individual project scheme - the new partnership's project is part of an individual project scheme;

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