Radiocommunications Act 1989

79 Restriction on exercise of power of sale

(1)

Subject to section 81, no power conferred by any mortgage to sell any management rights, or to sell or grant any spectrum licence, or to exercise the rights of a rightholder under a spectrum licence, shall become or be deemed to have become exercisable, by reason of any default in the payment of any money secured by any mortgage of any management rights or any spectrum licence, or by reason of any default in the performance or observance of any other covenant expressed or implied in the mortgage, unless and until the mortgagee serves on the mortgagor a notice that complies with the requirements of this section, and (in any case where the default complained of is capable of remedy) the mortgagor fails to remedy the default before the date specified in the notice.

(2)

Every such notice shall be in the prescribed form; but no notice shall be void merely because of any variation from the prescribed form unless—

(a)

the notice does not adequately inform the mortgagor of—

(i)

the nature and extent of the default complained of; and

(ii)

the date by which the mortgagor is required to remedy the default (if it is capable of remedy); and

(iii)

the rights that the mortgagee will be entitled to exercise if the default is not remedied within the specified period; and

(b)

the variation materially prejudices the interests of the mortgagor.

(3)

The date to be specified in the notice shall be not earlier than 1 month from the service of the notice.

Section 79(1): amended, on 12 October 2001, by section 54 of the Radiocommunications Amendment Act 2000 (2000 No 8).