DEVELOPMENT ALLOWANCE AUTHORITY ACT 1992 (REPEALED)

CHAPTER 3 - INFRASTRUCTURE BORROWINGS  

PART 3 - CERTIFICATES  

Division 2 - Cancellation  

SECTION 93ZAC   CANCELLATION OF CERTIFICATE THAT APPLIES TO AN INDIRECT INFRASTRUCTURE BORROWING - TOTAL REPAYMENT OF RELATED DIRECT INFRASTRUCTURE BORROWING  

93ZAC(1)   [Effect of total repayment]  

If:

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

(b) the whole of the direct infrastructure borrowing is repaid; and

(c) 30 days pass and:

(i) in a case where the repayment is made using a refinancing infrastructure borrowing - the holder has neither repaid the whole of the indirect infrastructure borrowing nor passed the certificate transfer test set out in subsection (3); or

(ii) in any other case - the holder has not repaid the whole of the indirect infrastructure borrowing;

the DAA is taken to have cancelled the certificate with effect from the time of the repayment of the direct infrastructure borrowing.

93ZAC(2)   [Ground for cancellation]  

If the certificate is cancelled under subsection (1), the repayment of the direct infrastructure borrowing is taken to be the ground relied on by the DAA for cancelling the certificate.

93ZAC(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 borrower in relation to the refinancing infrastructure borrowing (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.