18Cancellation of operating licence

#### 18 Cancellation of operating licence 18 Cancellation of operating licence > > (1) The operating licence may be cancelled by the Governor, but only if— > > > > > (a) the Corporation ceases, other than as authorised by the operating licence, to do the things referred to in section 13 (1) or any of them in the area of operations for any reason, or > > > > > (b) the Corporation is, in the opinion of the Minister, in material default in compliance with the operating licence, viewed in terms of the operation of the operating licence as a whole, or > > > > > (c) the Corporation is insolvent within the meaning of the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth or has been convicted of a criminal offence that is punishable by a fine of at least $1,000 or, if the Corporation were a natural person, imprisonment for 12 months or more. > > > (2) If the operating licence is cancelled under this section, the Governor may, by order published in the Gazette, vest in the Crown or in another person specified in the order, from the date specified in the order, the assets and rights of the Corporation that are specified in the order and that, in the opinion of the Minister, are necessary to enable the Crown or other person to do immediately the things referred to in section 13 (1), or any of them, for the benefit of existing customers of the Corporation. > > > (3) An order under this section may provide for— > > > > > (a) the Crown or other person specified in the order to assume those liabilities of the Corporation that the Governor considers appropriate and specifies in the order, or > > > > > (b) the Crown to pay the whole or any part of the liabilities of the Corporation. > > **s 18:** Am 1999 No 94, Sch 4.116; 2001 No 34, Sch 4.23 \[2\].