LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976 (REPEALED)

***** Repealed 22 February 2005 *****

PART III - REPAYMENT OF DEPOSITS

SECTION 24   CERTAIN REQUESTS PENDING AFTER 12 MONTHS  

24(1)  [Application of section]  

This section applies in relation to a request made under subsection 15A(1) (on the ground in subsection 15A(5)) or section 16 in relation to a deposit or a part of a deposit except where, before the expiration of the period of 12 months after the deposit was made, the owner:

(a)  ceased to be an eligible primary producer, except where he or she again became one within 120 days after the day of so ceasing (whether or not before the end of the period of 12 months); or

(b)  died or became bankrupt.

24(2)  [Where request lapses]  

Where a request in relation to a deposit or a part of a deposit, being a request in relation to which this section applies, is pending at the expiration of 12 months after the day on which the deposit was made:

(a)  the request lapses; and

(b)  the deposit or the part of a deposit becomes repayable at the expiration of that period and, except as otherwise provided by the succeeding provisions of this section, shall be deemed to have become so repayable in pursuance of a request under:

(i) in the case of a subsection 15A(1) request - that subsection in a case to which subsection 15A(8) applies; or

(ii) in the case of a section 16 request - section 17.

24(3)  [Application for declaration]  

The person who made the request may, within 1 month after the deposit or the part of a deposit so becomes repayable, apply to the authorized person for a declaration that the ground on which the request was made was established.

24(4)  [Where declaration made]  

If the authorized person makes a declaration in accordance with the application, the deposit or the part of a deposit shall be deemed to have become repayable as a result of a declaration made under subsection 15A(7) or section 16, as the case requires, in pursuance of the request.

24(5)  [Notice that no declaration made]  

If the authorized person does not, within 1 month after the making of the application, make a declaration in accordance with the application, he shall give notice in writing to the person who made the application stating that he has not made the declaration and giving reasons why he has not made it.

24(6)  [Application for review]  

An application may be made to the Administrative Appeals Tribunal for review of a decision notified under subsection (5).

24(7)  (Omitted by No 56 of 1989)

24(8)-(11)  (Omitted by No 173 of 1984)