(1) The provisional
grant of a works licence is properly accepted by the provisional holder if,
before the required time, the provisional holder —
(a)
gives the Minister a written acceptance of the grant; and
(b)
lodges any security required under section 399; and
(c) pays
the fee that must be paid for the licence under section 425.
(2) The required time
under subsection (1) is the end of the primary payment period or, if the
provisional holder has been granted an extension of the primary payment period
under section 282, the end of the secondary payment period.
Note:
Under section 286, the
grant of the licence cannot be effective before it is registered (see
section 333 for registration).