Commonwealth Numbered Acts

LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976 No. 206, 1976 - SECT 19

19. (1) Where, in the case of a particular person (in this section referred
to as the ''relevant person''), the sum of-

   (a)  the amount of any deposit, or the total of the amounts of any
        deposits, made by that person otherwise than in the capacity of a
        trustee, less any part of that amount that has, or any parts of those
        amounts that have, become repayable;

   (b)  the amount of any deposit, or the total of the amounts of any
        deposits, made on behalf of that person by a trustee, less any part of
        that amount that has, or any parts of those amounts that have, become
        repayable; and

   (c)  the amount, or the total of the amounts, of any parcel or parcels of
        stock held by that person, exceeds $100,000, the person who is the
        depositor in respect of any of the deposits mentioned in paragraph (a)
        or (b) may, subject to this section, make a request to the
        authorized person for the repayment of the deposit or of so much of
        the deposit as is specified in the request.

(2) A person is not entitled to make a request under sub-section (1) in
respect of a deposit if an unrecouped income tax deduction exists in respect
of the deposit and-

   (a)  the request relates to the whole of the deposit; or

   (b)  the request relates to a part of the deposit and that part exceeds the
        amount (if any) remaining after deducting the amount of the unrecouped
        income tax deduction from-

        (i)    the amount of the deposit; or

        (ii)   if any part of the deposit has previously become repayable-the
               amount of the deposit reduced by so much of that amount as has
               previously become repayable.

(3) For the purposes of the application of sub-section (1) in relation to a
relevant person, a request made under that sub-section in respect of a deposit
or deposits made by or on behalf of that person is of no effect if-

   (a)  the amount, or the total of the amounts, to which the request relates
        is greater than the amount of the excess as determined in accordance
        with sub-section (1); or

   (b)  where another request or other requests under that sub-section in
        respect of a deposit or deposits made by or on behalf of that person
        is or are made on the same day as the first-mentioned request, the sum
        of-

        (i)    the amount or total referred to in paragraph (a) of this
               sub-section; and

        (ii)   the amount, or the total of the amounts, to which the other
               request relates or the other requests relate,

is greater than the amount of the excess as determined in accordance with
sub-section (1) at the commencement of that day.

(4) Where a request is made to the authorized person in accordance with this
section in respect of a deposit or a part of a deposit, the deposit, or the
part of the deposit, as the case may be, becomes repayable on the date on
which the request is made.