Making of elections and applications
49 Making of elections and applications
An election or application under this Act shall be in writing signed by the person entitled to make the election or application.
An election or application under this Act is not, subject to this section, validly made unless it is received in the office of STC—
where, by or under this Act (paragraph (b) excepted), a day is specifically prescribed for the receipt in the office of STC of an election or application of that class—not later than that day, or
in any other case—not later than the expiration of the period of 2 months that next succeeds the vesting of the right to make the election or application.
An election or application under this Act takes effect—
where, by or under this Act (paragraph (b) excepted), a day is specifically prescribed for the taking effect of an election of the same class—on that day, or
in any other case—on a day determined by STC, being a day that is not earlier than the date of receipt of the election or application in the office of STC.
An election or application under this Act may, with the approval of STC, be amended or revoked subject to such conditions as STC may impose, which may include—
in the case of an amendment of an election—conditions as to the day or days on which, or the manner in which, the election is to take effect, and
in the case of revocation of an election—the day on which the revocation takes effect.
Where—
an election or application is not received in the office of STC within the time prescribed by subsection (2) for the receipt of the election or application, and
STC is satisfied that, in all the circumstances of the case, it is desirable that the election or application should be accepted,
STC may, subject to such terms and conditions as it may impose, accept the election or application and deal with it as if it had been received within the time so prescribed.
Where STC is satisfied that, in all the circumstances of the case, it is desirable that an election or application should take effect on a day that is earlier than the date of receipt of the election or application in the office of STC—
STC may, subject to such terms and conditions as it may impose, determine that the election or application shall be deemed to have taken effect on such an earlier day determined by STC, and
the election or application takes effect accordingly.
This Act’s bill:Explanatory memorandum
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