CTHRepealedAct
Dairy Industry Adjustment Act 2000
53Cancellation of units when a dairy exit payment becomes payable
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53 Cancellation of units when a dairy exit payment becomes payable
(a) an entity has been granted a payment right in relation to a dairy farm enterprise; and
(b) a decision is made under the DEP scheme that the entity is qualified for a dairy exit payment in relation to the enterprise; and
(c) immediately before the decision is made, the entity is the registered owner of one or more unencumbered units in the payment right;
the DSAP scheme must authorise the DAA to cancel those units.
(2) The cancellation of a unit as authorised under this clause takes effect from the time when the decision is made under the DEP scheme.
(3) A reference in this clause to an unencumbered unit is a reference to a unit in respect of which no charge is registered.