Commonwealth Numbered Acts

LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976 No. 206, 1976 - SECT 12

12. (1) A person who holds a parcel of stock issued under the Loan (Drought
Bonds) Act 1969, being a parcel of stock in respect of which there exists an
unrecouped deduction under Division 16B of Part III of the Income Tax
Assessment Act 1936, may make an application to the authorized person for the
conversion into a deposit of so much of the stock included in that parcel as
is equal to the amount of the unrecouped deduction.

(2) An application for the purposes of sub-section (1) shall be made on a form
made available by the authorized person and shall contain such information as
is required by that form.

(3) Where a person makes an application in accordance with sub-section (1) in
relation to a parcel of stock, the person shall be deemed to have made, on the
date on which the application is made, a deposit of an amount equal to the
amount of the unrecouped deduction referred to in that sub-section in relation
to that parcel of stock.

(4) Interest does not commence to accrue in respect of a deposit that is
deemed to have been made by virtue of sub-section (3) until the first day of
the month next following the month in which the deposit is so deemed to have
been made.