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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.
(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.
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