19Repayment where owner not eligible primary producer

19 Repayment where owner not eligible primary producer

(1) Where the authorized person is satisfied that the owner of a deposit: (a) was not an eligible primary producer when the deposit was accepted; or (b) was an eligible primary producer then but ceased to be one and did not again become one within 120 days after the day of so ceasing; the authorized person must declare in writing that the deposit is repayable and, where the authorized person does so, the deposit becomes repayable. (2) The authorized person must not make the declaration while a request under section 16 is pending, if a request has been duly made under section 15A, 17 or 18A or if a declaration has been made under section 20, in respect of the deposit. (3) If: (a) the whole or a part of the deposit is a farm management bond; and (b) the declaration was made in a case where paragraph (1)(b) applied; then subsections (4) to (6) apply. (4) If subsection (3) applies, the deposit or part is taken for the purposes of this Act never to have been a farm management bond. (5) Also, the interest that, because of subsection (4), should not have been paid to a person is, for the purposes of section 27B, an amount that exceeds the amount properly payable. (6) Any amount that, because of subsection (4), should not have been paid into the Income Equalisation Deposits Trust Account and added to the balance of a deposit is taken for the purposes of this Act not to have been so paid and added.