32. Payment on transfer entitlements
We will pay on entitlements held at 15 May. Therefore, the effective date of transfer will determine who is paid in any given year.
For example, if you wish the transferee to receive payment you must inform us on or before 2 April. If your notification is made after 2 April, any payment that is due will go to you if you have submitted a valid Single Application Form.
The date of 2 April is six weeks prior to the closing date for the Single Application Form on 15 May. This date may change if 15 May falls on a weekend or on a public holiday.
If, for any reason, we have to reject your application and you have submitted it near to 2 April (as explained above), you will not be able to submit another application in time to allow the transferee to claim for the entitlements in that year. In this scenario, you will be the one responsible for the use of these entitlements in that year.
Both parties should also be aware that if after we finalise a transfer we discover that the seller / lessor should not have been awarded the entitlements, we must take back the appropriate entitlements and ask both parties to repay with interest any money not due to them.