DEVELOPMENT ALLOWANCE AUTHORITY ACT 1992 (REPEALED)

CHAPTER 3 - INFRASTRUCTURE BORROWINGS  

PART 3 - CERTIFICATES  

Division 2 - Cancellation  

SECTION 93ZB   CANCELLATION FOR CONTRAVENTION OF CONDITIONS APPLYING TO CERTIFICATE ETC.  

93ZB(1)   Cancellation of certificate.  

The DAA may, by written notice to the holder, cancel a certificate if the DAA is satisfied that the holder has not complied with the conditions applying to the certificate.

93ZB(2)   Cancellation of certificates connected with a cancelled direct infrastructure borrowing certificate.  

If the DAA cancels the certificate that applies to a direct infrastructure borrowing, it must also cancel any certificate applying to:

(a) an indirect infrastructure borrowing, where the direct infrastructure borrowing is the one mentioned in subparagraph 93G(b)(i) ; and

(b) a refinancing infrastructure borrowing that relates to the direct infrastructure borrowing.

93ZB(3)   Cancellation of certificates connected with a cancelled indirect infrastructure borrowing certificate.  

If the DAA cancels (whether under subsection (2) or otherwise) the certificate that applies to an indirect infrastructure borrowing, it is taken to have also cancelled any certificate that applies to a refinancing infrastructure borrowing that relates to the indirect infrastructure borrowing. The grounds relied on by the DAA for cancelling the certificate that applies to the refinancing infrastructure borrowing are taken to be the same as the grounds relied on by the DAA for cancelling the certificate that applies to the indirect infrastructure borrowing.