Commonwealth Consolidated Acts

EXPORT MARKET DEVELOPMENT GRANTS ACT 1997 - SECT 58

             (1)  Subject to section 59, an expense is taken to have been incurred by an applicant only at the time when the amount of the expense is acquitted.

             (2)  For the purposes of subsection (1), the amount of an expense incurred by an applicant is taken to have been acquitted at the time when that amount:

                     (a)  is paid off; or

                     (b)  is set off, with the written consent of the person ( creditor ) to whom it is payable, against money owed by the creditor or another person to the applicant.

             (3)  For the purposes of subsection (2), if an amount is paid by cheque or payment order, the amount is taken to be paid when the bank or financial institution on which the cheque or payment order is drawn debits the drawer's account.

             (4)  For the purposes of subsection (2), the transfer or issue to a person of shares in a company does not constitute an acquittal.