LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976 (REPEALED)

***** Repealed 22 February 2005 *****

PART III - REPAYMENT OF DEPOSITS

SECTION 18B   REPAYMENT WHERE DEPOSITS EXCEED TAXABLE PRIMARY PRODUCTION INCOME  

18B(1)  [Declaration as repayable]  

If the authorised person is satisfied that the amount of a deposit or a part of a deposit is not, because of subsection 159GC(3) of the Assessment Act, allowable as a deduction from the assessable income of the owner, then the authorised person must declare in writing that the deposit or the part is repayable.

18B(2)  [Effect of declaration]  

The deposit or the part becomes repayable once the declaration is made.

18B(3)  [Reinvested interest deemed separate deposit]  

For the purposes of this section, interest added to the balance of a deposit in accordance with subsection 4B(3) of this Act is taken to be a separate deposit.