22Amount of grant

22 Amount of grant

(1) Subject to subsection (2), the amount of a grant under this Act to an eligible person in relation to whom the prescribed date is a date not later than 31 December 1964, shall not exceed an amount equal to one‑third of the amount remaining after deducting from the total of: (a) any acceptable savings of the person as at a date three years before the prescribed date; and (b) the sum of any increases in acceptable savings of the person in savings years of that person; the sum of any decreases in acceptable savings of the person in those savings years. (1A) Subject to subsection (2), the amount of a grant under this Act to an eligible person in relation to whom the prescribed date is a date later than 31 December 1964, but not later than 30 April 1967, shall not exceed an amount equal to one‑third of the amount remaining after deducting from the total of: (a) any acceptable savings of the person as at a date three years before the prescribed date; and (b) the sum of any adjusted increases in acceptable savings of the person in savings years of that person; the sum of any adjusted decreases in acceptable savings of the person in those savings years. (1B) Subject to the next two succeeding subsections, the amounts of the grants under this Act to an eligible person and his or her spouse, being persons in relation to whom the prescribed date is a date later than 30 April 1967, shall not exceed, in the aggregate, an amount equal to one‑third of the amount remaining after deducting from the total of: (a) any acceptable savings of those persons as at a date three years before the prescribed date; and (b) the sum of any adjusted increases in acceptable savings of those persons in savings years of those persons; the sum of any adjusted decreases in acceptable savings of those persons in those savings years. (2) The amounts of any grants under this Act to an eligible person and his or her spouse shall not exceed, in the aggregate: (a) if the prescribed date in relation to the eligible person is a date that is not later than 15 August 1972—Five hundred dollars; or (b) in any other case—Seven hundred and fifty dollars. (2A) Where, apart from this subsection, the amounts of any grants under this Act to an eligible person and his or her spouse, being persons in relation to whom subsection (1B) applies, would, in the aggregate, be less than Ten dollars, a grant shall not be made under this Act to either of those persons. (3) For the purposes of this section, a savings year, in relation to an eligible person or in relation to an eligible person and his or her spouse, is any of the three years immediately preceding the prescribed date. (4) For the purposes of this section: (a) an increase in acceptable savings of an eligible person occurs in a savings year if the acceptable savings of the person as at the end of that year are greater than the acceptable savings of the person as at the commencement of that year; and (b) the amount of the increase is the amount by which the acceptable savings as at the end of that year are greater than the acceptable savings as at the commencement of that year. (5) For the purposes of this section: (a) a decrease in acceptable savings of an eligible person occurs in a savings year if the acceptable savings of the person as at the end of that year are less than the acceptable savings of the person as at the commencement of that year; and (b) the amount of the decrease is the amount by which the acceptable savings as at the end of that year are less than the acceptable savings as at the commencement of that year. (6) A reference in this section to an adjusted increase in acceptable savings of an eligible person, in relation to a savings year, shall be read as a reference to an increase in acceptable savings of the person in that year reduced, if any excess savings of the person occurred in that year, by the amount of those excess savings. (7) A reference in this section to an adjusted decrease in acceptable savings of an eligible person, in relation to a savings year, shall be read as a reference to a decrease in acceptable savings of the person in that year reduced, if there were any excess savings of the person in preceding savings years that are not required by this subsection to be taken into account in ascertaining adjusted decreases in acceptable savings of the person in relation to any of those preceding savings years, by so much of those excess savings as does not exceed the decrease in acceptable savings of the person in the first‑mentioned savings year. (8) For the purposes of the application of this section in relation to a savings year that commenced or commences on or after 1 May 1966, subsections (4), (5), (6) and (7) have effect as if the references in those subsections to an eligible person were references to the eligible person and his or her spouse. (9) For the purposes of this section: (a) excess savings of an eligible person shall not be taken to have occurred in a savings year that commenced before 1 January 1965; (b) in the case of a savings year that commenced on or after 1 January 1965, but before 1 May 1966—excess savings of an eligible person shall be taken to have occurred in that savings year if there was an increase in acceptable savings of the person in that savings year exceeding Five hundred dollars, and the amount of the excess savings is the amount by which that increase exceeded Five hundred dollars; and (c) in the case of a savings year that commenced or commences on or after 1 May 1966: (i) excess savings of an eligible person (being an eligible person in relation to whom the prescribed date is a date not later than 15 August 1972) and his or her spouse shall be taken to have occurred if there was an increase in acceptable savings of the person and his or her spouse in that savings year exceeding Six hundred dollars, and the amount of the excess savings is the amount by which that increase exceeded Six hundred dollars; and (ii) excess savings of any other eligible person and his or her spouse shall be taken to have occurred if there was an increase in acceptable savings of the person and his or her spouse in that savings year exceeding Nine hundred dollars, and the amount of the excess savings is the amount by which that increase exceeded Nine hundred dollars. (10) A reference in this section to the spouse of an eligible person does not include a reference to a spouse who is not himself or herself an eligible person. (11) Where an application for a grant under this Act has been made, or any documents furnished by an applicant for such a grant have been prepared, on the basis that the prescribed date of an eligible person is a date (in this subsection referred to as the assumed date) that is earlier or later, but not more than fourteen days earlier or later, than the date that is the prescribed date of that person, the Secretary may, in his discretion, direct that this section shall apply in relation to the eligible person as if the references in paragraph (a) of subsection (1), paragraph (a) of subsection (1A), paragraph (a) of subsection (1B) and subsection (3) to the prescribed date were references to the assumed date. (12) Subsection (11) does not apply in relation to an application for a grant under this Act where the date that is the assumed date for the purposes of that subsection is later than 31 December 1976.