LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976 (REPEALED)

***** Repealed 22 February 2005 *****

PART II - MAKING OF DEPOSITS

SECTION 4   BORROWINGS BY ACCEPTING DEPOSITS  

4(1)  [Minister to accept deposits]  

The Minister is to borrow money by accepting deposits in accordance with this Act.

4(1A)  [No deposits after 2 April 1999]  

The Minister must not so accept a deposit more than 3 months after the end of the day on which the Taxation Laws Amendment (Farm Management Deposits) Act 1998 commences.

4(2)  [Equalization deposits]  

Deposits so accepted shall be known as Income Equalization Deposits.

4(2A)  [Deposit by eligible primary producer]  

Subject to this section, the Minister is to accept a deposit if and only if the owner of the deposit is an eligible primary producer.

4(3)  [Deposits by 2 or more persons]  

The Minister is not entitled to accept a deposit of moneys made by 2 or more persons jointly or made on behalf of 2 or more persons.

4(4)  (Omitted by No 173 of 1984)

4(5)  [Acceptable amounts of deposit]  

The Minister is not to accept a deposit unless its amount is $1,000 or a greater amount that is a multiple of $1,000.

4(5A)  [When deposit not accepted]  

The Minister is not to accept a deposit if, before the deposit is accepted, the total of the balances of all deposits in relation to the owner is $300,000 or more.

4(5B)  [Amount that may be accepted]  

If, by accepting a deposit, the total of the balances of all deposits in relation to the owner would exceed $300,000, the Minister is only to accept so much of the deposit as causes the total to equal $300,000.

4(6)  [Terms and conditions of deposit]  

Subject to this Act, deposits shall be accepted on such terms and conditions as the Minister determines.

4(7)  [Cheque in excess]  

If a depositor wishes to make a deposit by giving the Minister a cheque for an amount in excess of the amount that may be accepted:

(a)  the Minister must accept the cheque; and

(b)  when the cheque is cleared, the authorised person must pay the excess to the depositor; and

(c)  for the purposes of section 8, but not for the purpose of any other provision of this Act or of the Assessment Act:

(i) when the cheque is cleared, the excess is taken to be a deposit; and

(ii) the payment of the excess to the depositor is taken to be the repayment of a deposit that has become repayable.