- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
7.—(1) Paragraphs (2) and (3) apply where the Secretary of State receives a notice under regulation 6.
(2) Where the Secretary of State is satisfied that the cash equivalent of the transferor’s transferable rights is correct, he must transfer into the Communities’ scheme—
(a)an amount in respect of that cash equivalent; and
(b)interest accruing on that amount by virtue of regulation 10,
before the end of the period of ten months beginning with the guarantee date.
(3) Where the Secretary of State is not satisfied as to the accuracy of the cash equivalent of the transferor’s transferable rights, he shall notify the transferor accordingly and issue a revised statement of entitlement.
(4) Where—
(a)the Secretary of State receives a notice from a transferor indicating that he wishes to complete a transfer of his transferable rights to the Communities’ scheme; and
(b)that notice is received after the expiry of the period referred to in regulation 4(2),
he shall notify the transferor that his application is invalid and that a new application must be made and a new statement of entitlement obtained in accordance with the provisions of these Regulations.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: