LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976 (REPEALED)

***** Repealed 22 February 2005 *****

PART III - REPAYMENT OF DEPOSITS

SECTION 19   REPAYMENT WHERE OWNER NOT ELIGIBLE PRIMARY PRODUCER  

19(1)  [Declaration by authorized person]  

Where the authorized person is satisfied that the owner of a deposit:

(a)  was not an eligible primary producer when the deposit was accepted; or

(b)  was an eligible primary producer then but ceased to be one and did not again become one within 120 days after the day of so ceasing;

the authorized person must declare in writing that the deposit is repayable and, where the authorized person does so, the deposit becomes repayable.

19(2)  [When no declaration must be made]  

The authorized person must not make the declaration while a request under section 16 is pending, if a request has been duly made under section 15A, 17 or 18A or if a declaration has been made under section 20, in respect of the deposit.

19(3)  [Application]  

If:

(a)  the whole or a part of the deposit is a farm management bond; and

(b)  the declaration was made in a case where paragraph (1)(b) applied;

then subsections (4) to (6) apply.

19(4)  [Not farm management bond]  

If subsection (3) applies, the deposit or part is taken for the purposes of this Act never to have been a farm management bond.

19(5)  [Interest not properly paid]  

Also, the interest that, because of subsection (4), should not have been paid to a person is, for the purposes of section 27B, an amount that exceeds the amount properly payable.

19(6)  [Income Equalization Deposits Trust Account]  

Any amount that, because of subsection (4), should not have been paid into the Income Equalisation Deposits Trust Account and added to the balance of a deposit is taken for the purposes of this Act not to have been so paid and added.