LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976 (REPEALED)

***** Repealed 22 February 2005 *****

PART III - REPAYMENT OF DEPOSITS

SECTION 20A   ADVICE OF RIGHT TO GIVE ASSESSABLE AMOUNT STATEMENT ETC. IN SECTION 19 OR 20 CASES  

20A(1)  [Authorized person to advise]  

Where the authorized person declares, in a case to which paragraph 19(1)(b) or section 20 applies, that a deposit is repayable, the authorized person must, in writing, advise the person to whom the deposit concerned is repayable that the person, within 14 days after receiving the advice:

(a)  may give the authorized person a statement of the assessable amount in relation to the repayment or of the fact that there is no assessable amount; and

(b)  may include with the statement, a further statement, together with any information required by the further statement form, that the person wishes to have the prescribed percentage of the assessable amount that is otherwise to be deducted under subsection 20B(1) reduced to a percentage (which may be nil percent) specified in the further statement.

20A(2)  [Repayment after advice]  

The authorized person must not repay the deposit until:

(a)  the statement referred to in paragraph (1)(a) has been given; or

(b)  the 14 days have passed;

whichever is the earlier.

20A(3)  [Farm management bond deposits excluded]  

This subsection does not apply to a deposit to the extent that it consists of a farm management bond.