348Duration of caveat

348 Duration of caveat

348 Duration of caveat

(1) A caveat that is registered is taken to have had effect from the time at which it is lodged with the Minister.

(2) A caveat on a licence ceases to have effect if:

(a) the Supreme Court makes an order for the removal of the caveat under section 351, or

(b) the caveat is withdrawn under section 346, or

(c) the caveat holder is given notice under section 349 (1), (2) or (3) and 30 days have passed since the caveat holder was given the notice.

(3) Subsection (2) (c) does not apply if, before the end of the 30 days, the caveat holder consents to the registration of the dealing or to the registration under section 340.

(4) Subsection (2) (c) does not apply if, before the end of the 30 days:

(a) the caveat holder applies to the Supreme Court for an order under section 351 that the caveat be extended beyond the period, and

(b) the Supreme Court makes an order extending the period.

(5) If a court makes an order under section 351 (1) (c), the caveat ceases to have effect at the end of the extended period.

(6) Subsection (5) does not apply if, before the end of the extended period, the caveat holder consents to the registration of the dealing under section 350 or to the registration under section 340.