10AADuration of registration

10AA Duration of registration

10AA Duration of registration

(1) An application for registration or renewal of registration is to nominate one of the following terms of duration for the registration (the nominated term)—

(a) 1 year,

(b) 3 years,

(c) 5 years.

(2) The Board may grant or renew registration for the nominated term or a shorter term than the nominated term if satisfied that it is in the public interest to do so.

(3) If an application for renewal of registration has been made but the application is not finally determined by the Board before the expiry of the registration, the registration (if not suspended or sooner cancelled) continues in force until the application is finally determined.

(4) If a registration is granted or renewed for a shorter term than the nominated term, the Board is to refund to the applicant the difference between the fee for the nominated term and the fee for the term that was granted.

(5) The suspension of a registration does not affect the term of the registration.

(6) This section does not affect the term of any registration granted under this Act and in force immediately before the insertion of this section by the Fair Trading Legislation Amendment (Reform) Act 2018.