sec.62Immediate cancellation

### sec.62 Immediate cancellation A licensee’s licence is cancelled on the happening of any of the following events— the licensee is convicted of a serious offence; if the licensee is an individual, the licensee is an insolvent under administration; if the licensee is a corporation, the licensee has been wound up or deregistered under the Corporations Act ; 1 or more of the following persons becoming subject to a relevant control order— the licensee; if the licensee is a corporation—an executive officer of the corporation. The licensee must return the licence to the chief executive within 14 days after the happening of an event mentioned in subsection (1) , unless the licensee has a reasonable excuse. Maximum penalty for subsection (2) —100 penalty units. s 62 amd 2016 No. 62 s 233 (sec.62-ssec.1) A licensee’s licence is cancelled on the happening of any of the following events— the licensee is convicted of a serious offence; if the licensee is an individual, the licensee is an insolvent under administration; if the licensee is a corporation, the licensee has been wound up or deregistered under the Corporations Act ; 1 or more of the following persons becoming subject to a relevant control order— the licensee; if the licensee is a corporation—an executive officer of the corporation. (sec.62-ssec.2) The licensee must return the licence to the chief executive within 14 days after the happening of an event mentioned in subsection (1) , unless the licensee has a reasonable excuse. Maximum penalty for subsection (2) —100 penalty units. - (a) the licensee is convicted of a serious offence; - (b) if the licensee is an individual, the licensee is an insolvent under administration; - (c) if the licensee is a corporation, the licensee has been wound up or deregistered under the Corporations Act ; - (d) 1 or more of the following persons becoming subject to a relevant control order— (i) the licensee; (ii) if the licensee is a corporation—an executive officer of the corporation. - (i) the licensee; - (ii) if the licensee is a corporation—an executive officer of the corporation. - (i) the licensee; - (ii) if the licensee is a corporation—an executive officer of the corporation.