Document ID: chunk:federal_register_of_legislation:F2020L01453:schedule:4:p24
Version: federal_register_of_legislation:F2020L01453
Segment Type: schedule
Provision Reference: sch 4 (pt 24/38)
Character Range: 63897–66809

eligibility points secured by the applicant is calculated by dividing the amount in subsection (3) by the amount in subsection (2), and multiplying that quotient by the maximum eligibility points specified by the applicant in its completed eligibility nomination form (or updated eligibility nomination form), and rounding down the result to the nearest whole point or zero if there is no remaining whole point; and
         (b)      the provisional start demands of the applicant are reduced commencing with a lot or lots of a product with the lowest lot rating being removed from the applicant's provisional start demands until the sum of the lot ratings for the remaining provisional start demands of the applicant is not greater than the maximum eligibility points secured by the applicant calculated under paragraph (a); and
         (c)      if, after the steps in paragraphs (a) and (b) are taken, the difference between:
            (i)            the maximum eligibility points secured by the applicant (the provisional secured points); and
            (ii)         the sum of the lot ratings for the number of lots of each product for which the applicant has a provisional start demand;
           is greater than zero – that difference is subtracted from the provisional secured points to give the number of maximum eligibility points secured by the applicant.

       (5) If:
         (a)      no eligibility points, as a result of paragraph (4)(a) or (4)(c), remain; or
         (b)      no provisional start demands, as a result of paragraph (4)(b), remain;
     the applicant is taken to have withdrawn its application.

       (6) The ACMA must:
         (a)      if an applicant has had its maximum eligibility points and provisional start demands calculated in accordance with subsection (4) – enter the amounts calculated for the applicant in the register and tell the applicant in writing; or
         (b)      if an applicant is taken to have withdrawn its application under subsection (5) – tell the applicant in writing.
 (7) 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.
 (8) 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.

 (9) An applicant is taken to have withdrawn its application if:
(a)      the applicant fails to make an eligibility payment or give a deed of financial security before the eligibility deadline or extended eligibility deadline (if there is one); or
(b)      the ACMA