58Incentive for year of transfer

58 Incentive for year of transfer

(1) The Secretary may decide to give to the gaining approved participant an incentive for the NRAS year that would otherwise have been given to the original approved participant for the dwelling, and if the Secretary does so: (a) section 63 (about passing on incentives) applies to the gaining approved participant for the incentive and an investor; and (b) the original approved participant: (i) despite subsection 50(1), is not entitled to receive the incentive for the dwelling for the NRAS year; and (ii) despite an arrangement to the contrary, is not required to pass on the incentive for the dwelling for the NRAS year to the investor.

Note 1: This section relates to the portion of the incentive that relates to the part of the NRAS year that is before the day the transfer takes effect.

Note 2: A decision under this subsection is reviewable by the Administrative Review Tribunal (see section 71).

(2) This section does not apply if the incentive has already been given to the original approved participant.