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Regulation 7 Circumstances in which an award is to be extinguished

Original text. Later amendments are not shown.

An award of a budgeting loan becomes extinguished where—

(a)

the applicant fails to satisfy the condition in paragraph (2) of regulation 6 within the time referred to in paragraph (3) or (4) of that regulation; or

(b)

in a case where the Secretary of State has issued an instrument of payment in respect of the award, that instrument is not presented for payment within the period of 12 months beginning with the date of its issue.