Auction Sales Act 1973

On granting a general or restricted licence, the magistrate shall fix the period, during which, subject to this Act, the licence is to have effect.

The period fixed under subsection (1) shall be a period that is —

not less than 12 months; and

not more than the prescribed period.

A general licence or a restricted licence may be renewed from time to time for the prescribed period.

A period prescribed for the purposes of subsection (2A)(b) or (2B) cannot be less than 12 months.

Different periods may be prescribed for the purposes of subsection (2B) in relation to the renewal of licences of different prescribed types or descriptions.

In the event of the death of the holder of a general licence or restricted licence, that licence shall, subject to section 8(6), be deemed to have been granted to his legal personal representative and shall, unless previously transferred to some other person or cancelled or surrendered, remain in force until the end of the period of 3 months beginning with the death and shall then expire, so however that the court may extend or further extend that period if the magistrate is satisfied that the extension is necessary for the purpose of winding up the deceased’s estate and that no other circumstances make it undesirable.

Where an application is made for the renewal of a general licence or a restricted licence after, but within 3 months of, the date on which that licence expired, the magistrate if satisfied that no other circumstances make it undesirable, and any amount prescribed by way of penalty for a late application is paid, may renew that licence and in that event the renewal of the licence shall be deemed for all purposes to have taken effect on the day immediately succeeding the date on which the previous licence expired.