Commonwealth Numbered Acts

LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976 No. 206, 1976 - SECT 24

24. (1) This section applies in relation to a request made under section 16 in
relation to a deposit or a part of a deposit except where, before the
expiration of the period of 12 months after the deposit was made-

   (a)  in the case or a deposit made by a trustee of a trust estate on behalf
        of a beneficiary-the beneficiary died or became bankrupt; or

   (b)  in any other case-the depositor died or became bankrupt, or, being a
        company, commenced to be wound up.

(2) Where a request in relation to a deposit or a part of a deposit, being a
request in relation to which this section applies, is pending at the
expiration of 12 months after the day on which the deposit was made-

   (a)  the request lapses; and

   (b)  the deposit or the part of a deposit becomes repayable at the
        expiration of that period and, except as otherwise provided by the
        succeeding provisions of this section, shall be deemed to have become
        so repayable in pursuance of a request under section 17.

(3) The person who made the request may, within 1 month after the deposit or
the part of a deposit so becomes repayable, apply to the authorized person for
a declaration that the ground on which the request was made was established.

(4) If the authorized person makes a declaration in accordance with the
application, the deposit or the part of a deposit shall be deemed to have
become repayable as a result of a declaration made under section 16 in
pursuance of the request.

(5) If the authorized person does not, within 1 month after the making of the
application, make a declaration in accordance with the application, he shall
give notice in writing to the person who made the application stating that he
has not made the declaration and giving reasons why he has not made it.

(6) Where the authorized person gives notice to a person under sub-section (5)
in respect of an application made by the person, the person may, within 1
month after the notice is given, by writing signed by him, direct the
authorized person to refer the application to a Board of Review.

(7) Upon receipt of the direction and upon payment of the prescribed fee (if
any), the authorized person shall refer the application to a Board of Review.

(8) Where an application is referred to a Board of Review under sub-section
(7), the Board has, in relation to the application, the same powers and
functions as the authorized person and any declaration made by the Board in
accordance with the application shall be deemed to have been made by the
authorized person.

(9) Where the Board of Review decides not to make a declaration in accordance
with the application, the Board shall give its decision in writing and, if
requested to do so by the authorized person or by the person who made the
application, shall state its reasons for the decision.

(10) For the purposes of this section, the Board of Review shall be
constituted by the Chairman of the Board, or by another member of the Board
authorized in writing by the Chairman to determine the application.

(11) The regulations may make provision for and in relation to-

   (a)  the giving of notices and directions under this section;

   (b)  proceedings before a Board of Review in relation to an application
        under this section; and

   (c)  the refund of the prescribed fee referred to in sub-section (7).