S.L. 318.22 Art. 8Action to be taken by the Director.

(1) Sub-regulations (2) and (3) apply where the Director receives a notice under regulation 7.

(2) Where the Director is satisfied that the cash equivalent of the transferor’s transferable rights is correct, he shall transfer into the EU scheme:

(a) an amount in respect of that cash equivalent; and

(b) interest accruing on that amount by virtue of regulation 11, before the end of the period of nine months beginning with the quotation date.

(3) Where the Director 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 the Director receives a notice from a transferor indicating that he wishes to complete a transfer of his transferable rights to the EU scheme, which notice is received after the expiry of the period referred to in regulation 5(2), he shall notify the transferor that his application is invalid and that a new application is to be made and a new statement of entitlement obtained in accordance with the provisions of these regulations.