Section 121J — Land Transfer Act 1952: Restrictions on cancellation, etc, of licence

121J Restrictions on cancellation, etc, of licence Except with the consent of the mortgagee or, in any case to which section 121I of this Act applies, after compliance with the applicable provisions of that section, the company shall not cancel, revoke, rescind, accept the surrender of, or issue a new licence in place of a licence that is subject to a registered mortgage or forfeit the shares to which the licence relates or any of them, unless— (a) Notice in writing is given by the company to the mortgagee specifying the matters required to be remedied in order to avoid the cancellation, revocation, rescission, acceptance of surrender, forfeiture, or issue of a new licence, and allowing a reasonable time, which must be specified in the notice, for those matters to be remedied; and (b) Those matters have not been remedied within the time specified in the notice. Part 7A (comprising sections 121A to 121P) was inserted, as from 1 July 1994, by section 2 Land Transfer Amendment Act 1993 (1993 No 124).