Radiocommunications Act 1989

77 Variation of priority of mortgages

(1)

Notwithstanding anything in section 15, the priority among themselves of the mortgages affecting any management rights or spectrum licence may from time to time be varied by a memorandum of priority in the prescribed form and registered under this Act.

(2)

The memorandum of priority shall be executed by the mortgagor and also by the mortgagee under every mortgage that, by the memorandum, is postponed to any mortgage over which it previously had priority.

Section 77(1): amended, on 12 October 2001, by section 54 of the Radiocommunications Amendment Act 2000 (2000 No 8).