Northern Territory Consolidated Acts Northern Territory Consolidated Acts9A. Registration of third party interests
(1) A person who holds an interest in a licence as security for the payment or repayment of money (a third party interest ) may, in the approved form, request the Director to enter on a register maintained under section 9(1) particulars of the third party interest.
(2) Within 28 days after receiving a request in accordance with subsection (1), the Director must in writing -
(a) acknowledge receipt of the request; and
(b) notify the licensee that the request has been received and that the licensee has 28 days from the date of the notice within which to lodge in writing with the Director an objection to the registration of the third party interest.
(3) If the Director receives an objection in accordance with subsection (2)(b), the Director must not register the third party interest unless the objection is subsequently withdrawn in writing by the licensee.
(4) If the Director -
(a) does not receive an objection in accordance with subsection (2)(b); or
(b) receives an objection in accordance with subsection (2)(b) that is subsequently withdrawn in accordance with subsection (3),
the Director must register the third party interest.
(5) Once the Director receives a request for registration of a third party interest in accordance with subsection (1), the Director must not approve the permanent transfer of the licence under section 12B or a temporary transfer agreement in relation to the licence under section 12A until the Director has registered or refused to register the third party interest, irrespective of whether the application for approval was received before or after the request for registration was received.
(6) The Director must remove from a register maintained under section 9(1) particulars of a third party interest -
(a) if requested to do so in writing by the person who holds the third party interest; or
(b) if requested to do so in writing by the licensee in whose licence the third party interest is held and the person who holds the third party interest has consented in writing to the removal.