Document ID: chunk:federal_register_of_legislation:C2004A03572:body:0:p3
Version: federal_register_of_legislation:C2004A03572
Segment Type: other
Provision Reference: 
Character Range: 5122–7804

the following subsection:
    "(6) In this section, 'relevant amount' means the amount of $5,000,000 or, where the regulations prescribe another amount for the purpose of this section, that other amount.".

Revocation of licence
10. Section 23 of the Principal Act is amended by omitting from paragraph (1) (c) ", 26 or 29" and substituting "or 26".
11. After section 23 of the Principal Act the following section is inserted:

Surrender of licence
"23a. (1) A licensee may, by notice in writing served on the Board, request the Board to approve the surrender by the licensee of its licence.
"(2) A request shall contain such information as the Board determines.
"(3) The Board shall, within 28 days after receipt of a request, by notice in writing served on the licensee:
     (a) where the Board is satisfied that paragraph 23 (1) (a), (b), (c) or (d) applies to the licensee:
         (i) inform the licensee that the Board is so satisfied and intends to refuse to approve the surrender;

         (ii) specify in the notice the reasons why the Board is so satisfied; and
         (iii) invite the licensee to make written submissions to the Board, within 14 days after the licensee receives the notice, in relation to those reasons; or
     (b) in any other case—approve the surrender of the licence.
"(4) The Board shall consider any submissions made to the Board under a notice referred to in paragraph (3) (a) and, not later than 14 days after the expiration of the period referred to in that paragraph, by notice in writing served on the licensee:
     (a) approve the surrender of the licence; or
     (b) refuse to do so.
"(5) Where the Board does not, within 28 days after receipt of a request, serve a notice on the licensee under subsection (3), the Board shall be deemed to have approved the surrender of the licence on the expiration of that period.
"(6) Where the Board serves a notice on a licensee under paragraph (3) (a), but does not serve a notice on that licensee under subsection (4) within the period specified in that subsection, the Board shall be deemed to have approved the surrender of the licence on the expiration of that period.".

Renewal of licence
12. Section 25 of the Principal Act is amended:
     (a) by omitting from paragraph (2) (a) "and";
     (b) by omitting from paragraph (2) (b) "as are prescribed or"; and
     (c) by adding at the end of subsection (2) the following word and paragraph:
              "; and (c) such other particulars, if any, as the Board considers necessary.".

Publication of Board's decisions
13. Section 27 of the Principal Act is amended:
     (a) by inserting "approving, or refusing to approve, the surrender