41Requirement to secure eligibility points

41  Requirement to secure eligibility points

 (1) This section applies if an applicant gives an eligibility nomination form, or updated eligibility nomination form, to the ACMA.

Note: See subsections 39(1), 45(6) and 48(2).

 (2) The applicant must secure the eligibility points specified in its eligibility nomination form or updated eligibility nomination form by doing any of the following by the eligibility deadline or extended eligibility deadline (if there is one):

 (a) making a payment (eligibility payment) of the amount required by subsection (3) to the ACMA;

 (b) giving the ACMA a deed of financial security for the amount required by subsection (3);

 (c) both:

 (i) making a payment (eligibility payment) for part of the amount required by subsection (3) to the ACMA; and

 (ii) giving the ACMA a deed of financial security for the remainder of that amount.

Note: For information on how an eligibility payment is made, see section 9. For information on how a deed of financial security is given, see section 6 and subsections (4) to (6) of this section.

Amount required to secure eligibility points

 (3) The amount required by this subsection (the required amount) for an applicant (when expressed in dollars) is the sum of:

 (a) the product of the number of eligibility points specified in the form and the dollar value of those points (as set under paragraph 22(b)); and

 (b) for an applicant who applies to be directly allocated a leftover lot—10% of the set price for the leftover lot (as set under paragraph 22(c) and as varied (if applicable) under paragraph 25(1)(c)).

Requirements for deeds

 (4) If a deed of financial security is given to the ACMA by email, or uploaded to an online database (see paragraph 6(1)(d)), before the eligibility deadline, or the extended eligibility deadline (if there is one), the original deed must be received by the ACMA no later than 3 working days after that deadline (or, if the ACMA agrees to a later time, the agreed time).

 (5) A deed of financial security must be executed by:

 (a) an authorised deposit‑taking institution within the meaning of the Banking Act 1959; or

 (b) a person authorised to carry on business in Australia as an insurer under the Insurance Act 1973; or

 (c) a Lloyd’s underwriter authorised to carry on insurance business under Part VII of the Insurance Act 1973.

Note: See also subsection 43(3).

 (6) If a deed of financial security is executed by a person acting under a power of attorney for a body corporate, the applicant must give the ACMA a copy of the power of attorney with the deed.