14Minister to determine number of licences to be granted and amount of concessional capital FLICs are licensed to raise

14 Minister to determine number of licences to be granted and amount of concessional capital FLICs are licensed to raise

(1) After receiving applications in respect of the scheme, the Minister must determine:

(a) how many licences to grant under the scheme; and

(b) the amount of concessional capital that each FLIC will be allocated to raise during the licence period.

Note: Section 10 requires the Minister to comply with criteria and procedures determined under that section when making a determination under this section.

(2) The total amount of concessional capital allocated by the Minister to FLICs to raise on or before 30 June 2000 must not exceed $40 million. (3) The amount allocated to a FLIC under paragraph (1)(b) does not have to be the amount applied for by the FLIC in its application for a licence. (4) The total amount of concessional capital allocated by the Minister to FLICs to raise on or before 30 June 1999 must not exceed $20 million. (5) In respect of each FLIC, the Minister must determine the amount of concessional capital that the FLIC is licensed to raise on or before 30 June 1999. (6) In an application round, the Minister may decide:

(a) not to grant any licences; and

(b) not to allocate all of the concessional capital available to be allocated.

(7) A determination of the Minister must be in writing.