8Advances on account of bounty

8 Advances on account of bounty

(1) An advance on account of bounty may be made to a person on such terms and conditions as are approved by the CEO in writing. (2) If a person receives, by way of advances on account of bounty in respect of particular bountiable yarn, an amount that exceeds the amount of bounty payable to the person in respect of that yarn, the person is liable to repay to the Commonwealth the amount of the excess. (3) If a person receives an amount by way of advances on account of bounty that may become payable to the person and the bounty does not become payable to the person, the person is liable to repay to the Commonwealth the amount so received. (4) If, at the expiration of an accounting period of a producer of bountiable yarn, the producer has received, by way of advances on account of bounty that may become payable to the producer during that period in respect of bountiable yarn, an amount that exceeds the sum of: (a) the amount of bounty that became payable to the producer during that period in respect of bountiable yarn; and (b) the amount or amounts (if any) paid to the producer during that period in respect of bountiable yarn that the producer is liable to repay to the Commonwealth by virtue of subsection (2) or (3); the producer is liable to repay to the Commonwealth the amount of the excess.