27Payment of balance of price

27 Payment of balance of price

(1) A nominated applicant for a licence must pay the balance of the price by electronic funds transfer to an account specified by the ACMA, or as directed by the ACMA, before the end of the business day after the Licence Allocation Exercise for the licence was held.

(2) If the nominated applicant does not comply with subclause (1), the nominated applicant:

(a) ceases to be the nominated applicant for the licence at the end of the business day after the Licence Allocation Exercise was held; and

(b) is not entitled to a refund of the deposit paid under clause 25.

(3) However, the person is taken to have continued to be the nominated applicant for the licence after the end of the business day after the Licence Allocation Exercise was held if the ACMA:

(a) extends the period for compliance with subclause (1) after that day; and

(b) has not acted under subclause 31 (3) before attempting to extend the period.