Australian Capital Territory Numbered Acts Australian Capital Territory Numbered Acts5. Sections 27A and 27B of the Principal Act are repealed and the following sections substituted:
“27A. (1) The Registrar may, on behalf of the Territory, auction a defined right.
“(2) The Registrar shall determine in writing the terms on which an auction under subsection (1) shall be conducted.
“(3) A defined right exists for a period of 28 days commencing on the expiration of the day on which that right was auctioned.
“(4) Where, before the expiration of a defined right—
(a) its purchaser applies to the Registrar for an extension of the term of that right; and
(b) the application is accompanied by the determined fee;
the Registrar may, by notice in writing, extend or further extend, the term of that right for the period specified in the notice of extension.
“(5) Subject to subsections 27 (2) and 31 (2), where the purchaser of a defined right applies for a licence to use a motor vehicle as a taxi, the Registrar shall, on payment of the balance of the purchase monies, grant such a licence to that person.
“27B. The Registrar shall not grant a taxi licence or auction a defined right if the sum of the number of taxi licences and the number of defined rights would exceed 149 or such higher number as the Minister, by instrument published in the Gazette , determines.
“27C. (1) A defined right is not assignable unless the Registrar approves the assignment of the right to the proposed assignee.
“(2) The Registrar shall, on application in accordance with subsection (3), approve the assignment of a defined right.
“(3) An application shall—
(a) be in writing signed by the assignor;
(b) specify the assignee; and
(c) be lodged with the Registrar with the determined fee.”.