The provisions of section 4BA are:
Election to Surrender Eligible Status
(1) An eligible person who:
(a) is a member of the Defence Force:
(i) whose first service in the Defence Force began on or before 14 May 1985; or
(ii) whose first service in the Defence Force began after that day but who is covered by paragraph (ga) of the definition of “Australian Soldier” in subsection 4(1); and
(b) is not, and has not at any time been, a borrower, and
(c) does not hold a certificate of entitlement that is in force in relation to subsidy on an initial advance;
may elect to surrender his or her status as an eligible person under this Act.
(2) An election must be:
(a) in writing, signed by the person making it; and
(b) given to the Secretary within the prescribed period.
(3) An election is irrevocable and takes effect on the day on which it is given to the Secretary.
(4) When an election takes effect, the person making it stops being an eligible person for the purposes of this Act.
(5) The Secretary must cause a copy of each election to be given to the Secretary to the Department of Defence.
(6) In this section:
prescribed period means the period of 6 months starting on the day on which this section commences.
The provisions of section 4BB are:
Revocation of election to surrender eligible status
Revocation of election before 1 July 1992
4BB. (1) A person who has elected to surrender his or her status as an eligible person under section 4BA may revoke that election (the surrender election) if:
(a)the person is not and has not been a subsidised borrower under the Home Loans Assistance Act; and
(b)the person gives the Secretary a written notice stating that the person wishes to revoke his or her surrender election; and
(c)the notice is given to the Secretary before 1 July 1992.
Revocation of election before 1 January 1993
(2) A person who has elected to surrender his or her status as an eligible person under section 4BA may revoke that election (the “surrender election”) if:
(a)the person is not and has not been a subsidised borrower under the Home Loans Assistance Act; and
(b)the person gives the Secretary a written notice stating that the person wishes to revoke his or her surrender election; and
(c)the notice is given to the Secretary on or after 1 July 1992 and before 1 January 1993; and
(d)the person satisfies the Secretary that:
(i)the person was not aware before 1 July 1992 that the person's surrender election was revocable; and
(ii)the person would not have made the surrender election if the person had been aware of the matters announced in the statement made by the Minister on 22 August 1991 relating to pooling of entitlements under this Act.
Date of effect of revocation
(3) If a person's surrender election is revoked by a notice under subsection (1) or (2), the revocation takes effect on the day on which the notice is given to the Secretary.
(4) If a person revokes his or her surrender election the Secretary must cause a copy of the notice that revoked the election to be given to the Secretary to the Department of Defence.