64.If the registration of a vehicle is cancelled at the time an application for the registration of another vehicle is made, or a fee credit issued following the cancellation of the registration of a third vehicle during the month in which registration is applied for, the registration fees for the first ensuing month shall be reduced by the lesser of the following amounts:
(a) the monthly fees fixed for the road vehicle for which registration is requested;
(b) the greater of:
i. the monthly fees fixed for the road vehicle to which the credit applies; and
ii. the monthly fees fixed for the road vehicle whose registration is cancelled.