Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A retention licence comes into force on:
(a) the day on which the grant of the licence is registered; or
(b) if a day later than the day on which the grant of the licence is registered is specified in the licence as its commencement day--that specified day.
(2) The initial term of a retention licence expires at the end of the period specified in the licence under subsection 146(1).
Note 1: For the maximum initial term see subsection 146(2).
Note 2: The licence may be surrendered at any time (see section 187).
(3) The period runs from:
(a) the day on which the licence is provisionally granted; or
(b) if a day later than the day on which the licence is provisionally granted is specified in the licence as its commencement day--that specified day.