Div 2The allocation limit

Division 2—The allocation limit

1A.2 Imposition of allocation limit

(1) This section imposes the limits on the number of SLs that may be issued to particular classes of persons.

(2) No person or group of persons may be issued more than one SL per person or per specified group of persons.

Note: “specified group of persons” is defined in section 1A.30.

1A.2A Bidding not to exceed limits

(1) A person or specified group of persons must not bid in the auction in a way that would be in breach of the limits in subsection 1A.2(2).

(2) A person or specified group of persons who bids in breach of the limits will be excluded from taking any further part in the auction and therefore from obtaining an SL in the allocation process.

1A.2B Consequences of exclusion

(1) The entry fee of an applicant who is excluded from obtaining an SL because of bidding in contravention of the limits in subsection 1A.2 (2) (an excluded applicant) is not refundable.

(3) However, before refunding the eligibility payment and repayable performance payments (if any) of an excluded applicant, the ACA must deduct any bid withdrawal penalties (see Part 4) from the amount to be refunded.

(4) In working out the bid withdrawal penalties deductible under subsection (3), a high bid of the excluded applicant that was current immediately before the applicant was excluded is taken to be withdrawn.

Note: Because it is not possible to work out any bid withdrawal penalties until the end of the auction, the eligibility payment and repayable performance payments cannot be refunded until then.