DEVELOPMENT ALLOWANCE AUTHORITY ACT 1980 (ARCHIVE)

CHAPTER 2 - DEVELOPMENT ALLOWANCE  

PART 6 - TRANSFER OF BENEFITS OF REGISTRATION OR CERTIFICATE  

Division 1 - Takeovers not involving re-constituted joint ventures or re-constituted partnerships  

SECTION 49 (ARCHIVE)  

49   APPLICATION FOR TRANSFER  
If:

(a) either of the following applies to an entity (the ``transferor'' ):

(i) plant expenditure is registered in the name of the entity;

(ii) the entity holds a certificate in relation to plant expenditure; and

(b) the transferor has ceased, or proposes to cease, to carry out the project concerned; and

(c) another entity (the ``transferee'' ) has taken over, or proposes to take over, the completion of the project (with or without modification); and

(d) either:

(i) the transferee has incurred, or proposes to incur, plant expenditure in carrying out the completion of the project (with or without modification); or

(ii) both:

(A) the transferee has incurred, or proposes to incur, expenditure in acquiring from the transferor a unit of plant that was new in the hands of the transferor; and

(B) the acquisition has taken place, or will take place, in the course of the transferee's takeover, or proposed takeover, of the completion of the project (with or without modification); and

(e) the takeover, or proposed takeover, is not covered by Division 2 (which deals with re-constituted joint ventures); and

(f) the takeover, or proposed takeover, is not covered by Division 3 (which deals with re-constituted partnerships); and

(g) if the project was or is part of a company group project scheme:

(i) both the transferor and the transferee are members of the company group to which the scheme relates; or

(ii) both:

(A) the transferee has taken over, or proposes to take over, the completion of each of the projects to which the scheme relates; and

(B) applications under this section are made by the transferee and by each of the group companies to which the scheme relates; and

(h) if the project was or is part of an individual project scheme - both:

(i) the transferee has taken over, or proposes to take over, the completion of each of the projects to which the scheme relates; and

(ii) applications under this section are made by the transferee and the transferor in relation to each of the projects to which the scheme relates;

the transferor and the transferee may jointly apply to the DAA for a transfer of the benefits of the registration or certificate, as the case may be.