151Acceptance of grant of retention licence

#### 151 Acceptance of grant of retention licence (1) The provisional grant of a retention licence is properly accepted by the provisional holder if, before the end of the primary payment period, the provisional holder: (a) gives the Designated Authority a written acceptance of the grant; and (b) lodges any security for the licence required by the Joint Authority under section 399; and (c) pays the fees that must be paid for the licence under the Retention Licence Fees Act. (2) A retention licence provisionally granted under section 143 or 144 is properly accepted by the provisional holder if the provisional holder: (a) has been granted an extension of the primary payment period under section 150; and (b) before the end of the secondary payment period: (i) gives the Designated Authority a written acceptance of the grant; and (ii) lodges any security required by the Joint Authority under section 399; and (iii) pays the fees that must be paid for the licence under the Retention Licence Fees Act. > Note: Under section 154, the grant of the licence cannot be effective before the grant is registered (see section 333 for registration).