151Acceptance of grant of retention licence

151 Acceptance 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 required time, the provisional holder:

(a) gives the Minister a written acceptance of the grant, and

(b) lodges any security required under section 399, and

(c) pays the fee that must be paid for the licence under section 425.

(2) The required time under subsection (1) is the end of the primary payment period or, if the provisional holder has been granted an extension of the primary payment period under section 150, the end of the secondary payment period.

Note—

Under section 154, the grant of the licence cannot be effective before the grant is registered (see section 333 for registration).