Australian Capital Territory Numbered Acts Australian Capital Territory Numbered Acts(1) A key person licensee may surrender the licence by written notice given to the Commissioner.
(2) The surrender takes effect on—
(a) the day the notice is given to the Commissioner; or
(b) if a later day of effect is stated in the notice—the later day.
(3) If the Commissioner believes that a key relationship existed between the key person licensee and a licensed provider at the time of the surrender, the Commissioner shall promptly give notice of the surrender to the licensed provider.
(4) A person who has surrendered a licence under this section shall not fail, without reasonable excuse, to return the licence to the Commissioner within 7 days after the day on which the surrender takes effect.
Penalty: 40 penalty units.