Commonwealth Numbered Acts

LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976 No. 206, 1976 - SECT 20

20. (1) Where the authorized person is satisfied that-

   (a)  a person who has made a deposit otherwise than in the capacity of a
        trustee; or

   (b)  a beneficiary on whose behalf a deposit has been made by a trustee,
        has died or has become bankrupt, the authorized person shall, subject
        to sub-section (3), by writing under his hand, declare that the
        deposit is repayable and, upon the making of the declaration, the
        deposit becomes repayable.

(2) Where the authorized person is satisfied that a company that has made a
deposit has been, or is being, wound up, the authorized person shall, subject
to sub-section (3), by writing under his hand, declare that the deposit is
repayable and, upon the making of the declaration, the deposit becomes
repayable.

(3) The authorized person shall not make a declaration under sub-section (1)
or (2) in respect of a deposit while a request under section 16 in respect of
the deposit is pending or if a request has been duly made under section 17, 18
or 19.