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Residual value of certificate of entitlement of motor vehicle which has been lost through theft

Road Traffic (Motor Vehicles, Quota System) Rules

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Proposed text

—(1) Where —(a)a motor vehicle has been insured under a policy of insurance effected on or after 1st April 1994;(b)the motor vehicle has been reported to the police, on or after that date, to be lost through theft; and(c)a period of more than 3 months has lapsed since the date of such report,the holder of the certificate of entitlement for the motor vehicle may apply for the residual value of the certificate of entitlement to be used as provided for in rule 20(3) or make an application under rule 25.(2) For the purpose of paragraph (1), the residual value of the certificate of entitlement shall be determined in accordance with rule 20(6) except that the period referred to in “C” in the formula shall be read as a reference to the period reckoned in months (including any part of a month) commencing from the date on which the certificate of entitlement was issued and ending on the date on which the loss of the motor vehicle was reported to the police.(3) Subject to paragraph (4), the Registrar may, in his discretion, approve or reject an application made under paragraph (1).(4) The Registrar shall not approve an application made under paragraph (1) unless the applicant gives an undertaking to the Government —(a)to pay to the Government a sum equal to the amount of the residual value of the certificate of entitlement calculated according to paragraph (2) if —(i)the motor vehicle is recovered within 3 years of the date on which it was reported lost; and(ii)the applicant desires to continue to keep or use the motor vehicle upon its recovery; and(b)to abandon the motor vehicle free of all expenses, or scrap or export the motor vehicle, or take it permanently off the roads in a manner approved by the Registrar, within 6 months of its recovery if —(i)the motor vehicle is recovered after 3 years from the date on which it was reported lost; or(ii)the motor vehicle is recovered within 3 years of the date on which it was reported lost and the applicant does not wish to continue to keep or use the motor vehicle upon its recovery.(5) Where payment has been made to the Government under paragraph (4)(a), the certificate of entitlement shall be restored and shall continue to be valid until the time when, in the normal course of events, it would have expired —(a)upon the motor vehicle reaching the appropriate age prescribed under rule 16(1); or(b)in the case of a certificate of entitlement which has been renewed under rule 24(2), 24A(1) or 24C(1), upon the expiry of the period for which the certificate of entitlement has been renewed.

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