DEVELOPMENT ALLOWANCE AUTHORITY ACT 1992 (REPEALED)

CHAPTER 3 - INFRASTRUCTURE BORROWINGS  

PART 3 - CERTIFICATES  

Division 1 - Issue, variation and transfer etc.  

SECTION 93P   UNDERTAKING TO COMPLY WITH CERTIFICATE CONDITIONS  

93P(1)   DAA to request undertaking.  

Subject to subsection (4), if the DAA is satisfied of the matters required for the issue of a certificate under section 93O , the DAA must advise the applicant that it will issue the certificate if the applicant gives the DAA an undertaking to the effect that, if the certificate is issued, the applicant will comply with the conditions applying to the certificate under section 93R .

Note:

In summary, the conditions require the applicant to do the things set out in the application (or the application as varied), to maintain its status as an incorporated body, corporate limited partnership or trust, and to keep proper records.

93P(2)   Form of undertaking.  

The undertaking must be in the approved form, and must be signed by the applicant if the applicant is a natural person. If the applicant is not a natural person, the undertaking must be signed on behalf of the applicant by whichever of the following natural persons is applicable:

(a) if the applicant is an incorporated body that has a board of directors (however described) - the chairperson (however described) of the board;

(b) in any other case - the natural person designated by the form as the signatory.

93P(3)   Undertaking required before certificate issued.  

The DAA must not issue the certificate until the undertaking is received.

93P(4)   New advice not to be given.  

After the commencement of the Taxation Laws Amendment (Infrastructure Borrowings) Act 1997 , the DAA must not give advice to the applicant under subsection (1).

93P(5)   Certain past advice ineffective.  

If the DAA gave advice to an applicant under subsection (1) during the period from the borrowings cut-off time until the commencement of the Taxation Laws Amendment (Infrastructure Borrowings) Act 1997 , that advice has no effect, and is taken never to have had any effect.