4BBRevocation of election to surrender eligible status

4BB Revocation of election to surrender eligible status

Revocation of election before 1 July 1992 (1) A person who has elected to surrender his or her status as an eligible person under section 4BA may revoke that election (the surrender election) if: (a) the person is not and has not been a subsidised borrower under the Home Loans Assistance Act; and (b) the person gives the Secretary a written notice stating that the person wishes to revoke his or her surrender election; and (c) the notice is given to the Secretary before 1 July 1992. Revocation of election before 1 January 1993 (2) A person who has elected to surrender his or her status as an eligible person under section 4BA may revoke that election (the surrender election) if: (a) the person is not and has not been a subsidised borrower under the Home Loans Assistance Act; and (b) the person gives the Secretary a written notice stating that the person wishes to revoke his or her surrender election; and (c) the notice is given to the Secretary on or after 1 July 1992 and before 1 January 1993; and (d) the person satisfies the Secretary that: (i) the person was not aware before 1 July 1992 that the person’s surrender election was revocable; and (ii) the person would not have made the surrender election if the person had been aware of the matters announced in the statement made by the Minister on 22 August 1991 relating to pooling of entitlements under this Act. Date of effect of revocation (3) If a person’s surrender election is revoked by a notice under subsection (1) or (2), the revocation takes effect on the day on which the notice is given to the Secretary. (4) If a person revokes his or her surrender election the Secretary must cause a copy of the notice that revoked the election to be given to the Secretary of the Defence Department.