173Acceptance of renewal of retention licence

173 Acceptance 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 required time, the holder:

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

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

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

(2) The required time under subsection (1) is the end of the primary payment period or, if the licence holder has been granted an extension of the primary payment period under section 172, the end of the secondary payment period.

Note—

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