154Initial term of retention licence

#### 154 Initial term of retention licence (1) A retention licence comes into force on: (a) the day on which the grant of the licence is registered; or (b) if a day later than the day on which the grant of the licence is registered is specified in the licence as its commencement day—that specified day. (2) The initial term of a retention licence expires at the end of the period specified in the licence under subsection 146(1). > Note 1: For the maximum initial term see subsection 146(2). > Note 2: The licence may be surrendered at any time (see section 187). (3) The period runs from: (a) the day on which the licence is provisionally granted; or (b) if a day later than the day on which the licence is provisionally granted is specified in the licence as its commencement day—that specified day.