LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976 (REPEALED)

***** Repealed 22 February 2005 *****

PART III - REPAYMENT OF DEPOSITS

SECTION 20   REPAYMENT WHERE DEATH OR BANKRUPTCY  

20(1)  [Declaration by authorized person]  

Where the authorized person is satisfied that:

(a)  a person who has made a deposit otherwise than in the capacity of a trustee; or

(b)  a beneficiary on whose behalf a deposit has been made by a trustee;

has died or has become bankrupt, the authorized person shall, subject to subsection (2), by writing under his hand, declare that the deposit is repayable and, upon the making of the declaration, the deposit becomes repayable.

20(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 19, in respect of the deposit.

20(3)  (Omitted by No 56 of 1989)