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.