South Australian Consolidated Acts South Australian Consolidated Acts (1) Where—
(a)
investment shares have been issued in relation to property that is subject to
a charge under this Division (whether the shares were issued before or after
the creation of the charge); and
(b) the
value of those shares equals (or exceeds) the capital value of the property;
and
(c) SAHT
holds the amount or amounts paid on those shares; and
(d)
application is made to SAHT in accordance with the regulations for the
discharge of the charge; and
(e) SAHT
is paid any amount that is payable to discharge the charge under the agreement
secured by the charge,
then—
(f) the
charge will be taken to be cancelled; and
(g) SAHT
must deliver an appropriate notice of cancellation to the Registrar-General;
and
(h)
notwithstanding the other provisions of this Act, the Minister ceases to be
liable to make any payment in relation to the shares when those shares are
redeemed or cancelled.
(2) For the purposes
of subsection (1), if investment shares have been issued in relation to
the real property of the co-operative generally, the shares will be taken to
have been divided up between the pieces of real property owned by the
co-operative at the time of the issue according to their relative values and
issued on that basis in respect of particular pieces of property.
(3) On receipt of a
notice under subsection (1), the Registrar-General must make the
appropriate entries in the Register Book to give effect to the cancellation of
the charge.