38. (1) The owner of a cost rental dwelling may, following the expiration of the minimum period, with the consent of any person who gave consent to the application under section 29(3)(c), apply to the Minister for the revocation of a cost rental designation.

(2) Where the Minister receives an application referred to in subsection (1), the Minister shall revoke the cost rental designation in writing under his or her seal (in this Part referred to as a “cost rental revocation”) within a period of 28 days, in accordance with regulations made under this Part.

(3) The owner of the cost rental dwelling may, with the consent of any person who gave consent to the application under section 29(3)(c), apply to the Minister for the revocation of a cost rental designation during the minimum period.

(4) Where the Minister receives an application referred to in subsection (3), the Minister may, following such inquiries as he or she deems appropriate and if satisfied on exceptional grounds that it is in the public interest that the cost rental designation be revoked, issue a cost rental revocation.

(5) For the purposes of subsection (4), “exceptional grounds” means facts and circumstances not reasonably foreseeable by the owner or the Minister at the time of the cost rental designation which in the opinion of the Minister render the operation of this Part unachievable in respect of the cost rental dwelling concerned.

(6) A cost rental revocation referred to in subsection (4) may contain such conditions as the Minister deems appropriate having regard to the circumstances in which it is issued.

(7) Subject to subsection (6), a cost rental designation shall stand revoked from the date on which the cost rental revocation is sealed by the Minister.

(8) A cost rental revocation shall be in such form as the Minister may prescribe.

(9) As soon as practicable after it is sealed by the Minister, a copy of the cost rental revocation shall be furnished to the owner of the dwelling concerned and to any person who gave consent to the application under section 29(3)(c).

(10) Any cost rental designation or minimum cost rental period extension registered as a burden on any folio in which the relevant cost rental dwelling or any part thereof is registered in the Land Registry shall be cancelled on making an application in such manner as may be prescribed in Land Registry rules following the sealing of a cost rental revocation.

(11) Any cost rental designation or minimum cost rental period extension registered as an act of the owner affecting a cost rental dwelling in the Registry of Deeds shall be recorded as satisfied or otherwise discharged on making an application in such manner as may be prescribed in Registry of Deeds rules following the sealing of a cost rental revocation.