Document ID: chunk:federal_register_of_legislation:F2015L01373:body:0:p14
Version: federal_register_of_legislation:F2015L01373
Segment Type: other
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Character Range: 33137–35761

by giving the ACMA a new eligibility nomination form at any time until the eligibility deadline, but not after the deadline.

 (4) If an eligibility nomination form is given to the ACMA by email or fax before the eligibility deadline, the original form must be received by the ACMA no later than 3 working days after the eligibility deadline (or, if the ACMA agrees to a later time, the agreed time) for the nomination to be taken to have been made.

 (5) If an applicant does not nominate its initial eligibility points by the eligibility deadline, the applicant is taken to have withdrawn the application.

4.16 Eligibility payment or deed of financial security required for initial eligibility points

 (1) An applicant must, before the eligibility deadline, secure initial eligibility points by:
 (a) making an eligibility payment of an amount to the ACMA on behalf of the Commonwealth; or
 (b) giving the ACMA on behalf of the Commonwealth a deed of financial security, which has been completed in the approved form and executed, for an amount; or
 (c) making an eligibility payment of part of an amount and giving a deed of financial security for the remainder.

Note   For information on how an eligibility payment is to be paid, see section 1.7.

 (2) The amount required to secure the initial eligibility points nominated by the applicant is worked out by multiplying the nominated number of points by the dollar value of initial eligibility points set by the ACMA under paragraph 4.6 (1) (b).

 (3) If an applicant makes an eligibility payment or gives a deed of financial security (or both) for an amount less than the amount worked out under subsection (2), the number of initial eligibility points secured by the applicant is worked out by dividing the amount paid or secured by deed by the dollar value of initial eligibility points, and rounding up to the nearest whole point.

 (4) 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.

 (5) 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.

 (6) If a deed of financial security is given to the ACMA by email or fax before the eligibility deadline, the original deed must be received by the ACMA no later than