DEVELOPMENT ALLOWANCE AUTHORITY ACT 1992 (REPEALED)

CHAPTER 3 - INFRASTRUCTURE BORROWINGS  

PART 3 - CERTIFICATES  

Division 2 - Cancellation  

SECTION 93ZAB   CANCELLATION OF CERTIFICATE THAT APPLIES TO AN INDIRECT INFRASTRUCTURE BORROWING - TRANSFER OF RIGHTS ETC.  

93ZAB(1)   [Effect of transfer]  

If:

(a) a certificate applies to an indirect infrastructure borrowing; and

(b) the holder transfers to another person (the transferee ) any or all of the holder's rights, interests and obligations in relation to the lending of the borrowed money as mentioned in subparagraph 93G(b)(i) ; and

(c) 30 days pass and:

(i) in a case where all of the holder's rights, interests and obligations are transferred - the holder has neither repaid the whole of the borrowing nor passed the certificate transfer test set out in subsection (3); or

(ii) in a case where some, but not all, of the holder's rights, interests and obligations are transferred - the holder has not repaid the whole of the borrowing;

the DAA is taken to have cancelled the certificate with effect from the time of the transfer.

93ZAB(2)   [Ground for cancellation]  

If the certificate is cancelled under subsection (1), the transfer is taken to be the ground relied on by the DAA for cancelling the certificate.

93ZAB(3)   [Certificate transfer test]  

For the purposes of this section, the holder passes the certificate transfer test at a particular time if, before that time:

(a) an application has been made under section 93U to transfer the certificate to the transferee; and

(b) either:

(i) the DAA has transferred the certificate to the transferee under this Division; or

(ii) the DAA was required to transfer the certificate to the transferee under this Division.