Commonwealth Numbered Acts

LOAN (INCOME EQUALIZATION DEPOSITS) AMENDMENT ACT 1984 No. 173, 1984 - SECT 12

12. After section 19 of the Principal Act the following section is inserted:
Special provisions relating to repayment of primary producer deposits

"19A. (1) Where at any time the amount of any primary producer deposit, or the
total of the amounts of primary producer deposits, of which a person is the
owner and in respect of which interest would, but for sub-section 4A (7), be
payable at the Class A interest rate exceeds $250,000, the person who is the
depositor in respect of the deposit, or any of the deposits, may make a
request to the authorized person for the repayment of the deposit or of so
much of the deposit as is specified in the request.

"(2) A request under sub-section (1) in respect of a deposit or deposits of
which a person is the owner is of no effect if-

   (a)  the amount, or the total of the amounts, to which the request relates
        is greater than the amount of the excess as determined in accordance
        with that sub-section; or

   (b)  where another request or other requests under that sub-section in
        respect of a deposit or deposits of which the same person is the owner
        is or are made on the same day as the first-mentioned request, the sum
        of-

        (i)    the amount or total referred to in paragraph (a) of this
               sub-section; and

        (ii)   the amount, or the total of the amounts, to which the other
               request relates or the other requests relate,
is greater than the amount of the excess as determined in accordance with
sub-section (1) at the commencement of that day.



"(3) Where-

   (a)  a person is the owner of a primary producer deposit or primary
        producer deposits made in a year of income;

   (b)  the application in respect of the making of the deposit or of the
        first of the deposits, as the case may be, included an estimate of the
        relevant income amounts in relation to the person in relation to the
        year of income;

   (c)  the person has received a notice under sub-section 4D (3) of a
        determination of the Commissioner of the relevant income amounts in
        relation to the person in relation to the year of income;

   (d)  the Class A interest deposit limit (in this section referred to as the
        'original deposit limit') in relation to the person in relation to the
        year of income ascertained on the basis of the estimate referred to in
        paragraph (b) exceeds the Class A interest deposit limit (in this
        section referred to as the 'revised deposit limit') in relation to the
        person in relation to the year of income ascertained on the basis of
        the Commissioner's determination; and

   (e)  the amount of the primary producer deposit, or the total of the
        amounts of the primary producer deposits, referred to in paragraph (a)
        exceeds the revised deposit limit, the person who is the depositor in
        relation to the deposit, or any of the deposits, referred to in
        paragraph (a) may make a request to the authorized person for
        repayment of the deposit or of so much of the deposit as is specified
        in the request.

"(4) In sub-section (3), 'primary producer deposit' does not include a
conversion deposit.

"(5) For the purposes of sub-section (3), where an application in respect of
the making of a deposit includes an election in accordance with sub-section 4B
(2), the deposit shall be deemed to have been made in the year of income next
preceding the year of income in which the application was made.

"(6) A request under sub-section (3) (in this sub-section referred to as the
'relevant request') in respect of a deposit or deposits of which a person is
the owner is of no effect if-

   (a)  the amount, or the total of the amounts, to which the relevant request
        relates is greater than-

        (i)    the amount by which the amount of the deposit or of the total
               of the deposits, as the case may be, referred to in paragraph
               (3) (a) exceeds the revised deposit limit; or

        (ii)   the amount by which the original deposit limit exceeds the
               revised deposit limit,
whichever is the less; or

   (b)  where another request or other requests under that sub-section in
        respect of a deposit or deposits of which the same person is the owner
        is or are made on the same day as the relevant request, the sum of-

        (i)    the amount or total to which the relevant request relates; and

        (ii)   the amount, or the total of the amounts, to which the other
               request relates or the other requests relate,
is greater than-

        (iii)  the amount by which the amount of the deposit or of the total
               of the deposits, as the case may be, referred to in paragraph
               (3) (a) of which the person was the owner at the commencement
               of that day exceeds the revised deposit limit; or

        (iv)   the amount by which the original deposit limit exceeds the
               revised deposit limit,
whichever is the less.

"(7) Where a primary producer deposit has ceased to be a primary producer
deposit by virtue of sub-section 4A (6), the depositor in relation to the
deposit may make a request to the authorized person for the repayment of the
deposit or of so much of the deposit as is specified in the request.

"(8) Where a request is made to the authorized person in accordance with this
section in respect of a deposit or a part of a deposit, the deposit or the
part of the deposit, as the case may be, becomes repayable on the date on
which the request is made.".