173Acceptance of renewal of retention licence

173 Acceptance of renewal of retention licence

(1) The provisional renewal of a retention licence is properly accepted by the licence holder if, before the end of the primary payment period, the holder: (a) gives the Designated Authority a written acceptance of the renewal; and (b) lodges any security required by the Joint Authority under section 399; and (c) pays the fees that must be under the Retention Licence Fees Act.

Note: Under section 155, the renewal of the licence cannot be effective before it is registered (see section 334 for registration).

(2) The provisional renewal of a retention licence is properly accepted by the licence holder if the holder: (a) has been granted an extension of the primary payment period under section 172; and (b) before the end of the secondary payment period: (i) gives the Designated Authority a written acceptance of the renewal; and (ii) lodges any security required by the Joint Authority under section 399; and (iii) pays the fees that must be paid under the Retention Licence Fees Act.

Note: Under section 155, the renewal of the licence cannot be effective before it is registered (see section 334 for registration).