sec.40Surrendered licence

### sec.40 Surrendered licence This section applies if— the term of a licence is more than 1 year; and the licence is surrendered before the term expires. However, this section does not apply if the person surrendering the licence— continues to hold, at the time of the surrender, 1 or more additional licences under the Act or an Agents Act; and received a discount under division 2 in relation to any of the licences. For each whole year the surrendered licence is unexpired, an amount must be refunded that is equal to the licence renewal fee for 1 year that was payable by the person who held the licence when the fees for the licence were paid. (sec.40-ssec.1) This section applies if— the term of a licence is more than 1 year; and the licence is surrendered before the term expires. (sec.40-ssec.2) However, this section does not apply if the person surrendering the licence— continues to hold, at the time of the surrender, 1 or more additional licences under the Act or an Agents Act; and received a discount under division 2 in relation to any of the licences. (sec.40-ssec.3) For each whole year the surrendered licence is unexpired, an amount must be refunded that is equal to the licence renewal fee for 1 year that was payable by the person who held the licence when the fees for the licence were paid. - (a) the term of a licence is more than 1 year; and - (b) the licence is surrendered before the term expires. - (a) continues to hold, at the time of the surrender, 1 or more additional licences under the Act or an Agents Act; and - (b) received a discount under division 2 in relation to any of the licences.