sec.77Immediate cancellation

### sec.77 Immediate cancellation A licensee’s licence is cancelled on the happening of any of the following events— the licensee is convicted of a serious offence; if the licensee is an individual, the licensee is an insolvent under administration; if the licensee is a corporation, the licensee has been wound up or deregistered under the Corporations Act . The licensee must return the licence to the chief executive within 14 days after the happening of an event mentioned in subsection (1) , unless the licensee has a reasonable excuse. Maximum penalty for subsection (2) —100 penalty units. (sec.77-ssec.1) A licensee’s licence is cancelled on the happening of any of the following events— the licensee is convicted of a serious offence; if the licensee is an individual, the licensee is an insolvent under administration; if the licensee is a corporation, the licensee has been wound up or deregistered under the Corporations Act . (sec.77-ssec.2) The licensee must return the licence to the chief executive within 14 days after the happening of an event mentioned in subsection (1) , unless the licensee has a reasonable excuse. Maximum penalty for subsection (2) —100 penalty units. - (a) the licensee is convicted of a serious offence; - (b) if the licensee is an individual, the licensee is an insolvent under administration; - (c) if the licensee is a corporation, the licensee has been wound up or deregistered under the Corporations Act .