99
CurrentSurrender of Act instruments
Part 7Act instruments
Division 7Surrender of Act instruments
99 Surrender of Act instruments
(1)
The holder of an Act instrument may surrender the instrument by written notice given to the chief executive.
(2)
The surrender takes effect—
(a)
on the day the notice is given to the chief executive; or
(b)
if a later day of effect is stated in the notice—on the later day.
(3)
The holder, other than a holder who is a prescribed licensee, must return the instrument to the chief executive within 7 days after the day the surrender takes effect, unless the holder has a reasonable excuse.
Maximum penalty for subsection (3)—10 penalty units.
This Act’s bill:Explanatory memorandum
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