DEVELOPMENT ALLOWANCE AUTHORITY ACT 1992 (REPEALED)

CHAPTER 3 - INFRASTRUCTURE BORROWINGS  

PART 3 - CERTIFICATES  

Division 2 - Cancellation  

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

93ZAD(1)   [Effect of partial repayment]  

If:

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

(b) a percentage (being a percentage less than 100%) of the direct infrastructure borrowing is repaid; and

(c) 30 days pass and the holder has not repaid that percentage of the indirect infrastructure borrowing;

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

93ZAD(2)   [Ground for cancellation]  

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