Commonwealth Numbered Acts

LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976 No. 206, 1976 - SECT 16

16. (1) A person who is the depositor in respect of a particular deposit may,
before the expiration of the period of 12 months after the date on which the
deposit was made, on the ground referred to in sub-section (2), request the
authorized person to declare the deposit, or so much of the deposit as is
specified in the request, to be repayable.

(2) The ground on which a request under sub-section (1) may be made in respect
of a deposit is that-

   (a)  in the case of a request made by a depositor being a trustee of a
        trust estate who made the deposit on behalf of a beneficiary-the
        beneficiary is experiencing serious financial difficulties; or

   (b)  in any other case-the depositor is experiencing serious financial
        difficulties, and, in the case of a deposit made after 31 January
        1977, those difficulties resulted from circumstances that were not in
        existence at the time when the deposit was made.

(3) In the case of a particular person in relation to whom there are 2 or more
deposits (whether made by the person otherwise than in the capacity of a
trustee or made by a trustee on behalf of the person), being deposits in
respect of each of which an unrecouped income tax deduction exists, a request
shall not be made under this section in respect of any one of those deposits
that was made on a date later than the date on which another of those deposits
was made unless a request is also made under this section or section 17 in
respect of so much of each such deposit that was made before the
first-mentioned date as has not become repayable.

(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 and the authorized
person is satisfied that the ground on which the request was made is
established, he shall, by writing under his hand, declare that the deposit or
the part of a deposit is repayable, and, upon the making of the declaration,
the deposit or the part of the deposit, as the case may be, becomes repayable.