(1) The period during which a priority notice has effect is:(a) 60 days from the date of its lodgment, or(b) if that period is extended under this section--90 days from the date of its lodgment.
(2) However, a priority notice ceases to have effect before the expiry of its period of duration if:(a) the notice is withdrawn before that expiry, or(b) the dealing or dealings to which the notice relates are lodged before that expiry and the dealing or dealings are registered, withdrawn or rejected by the Registrar-General, or(c) the notice lapses because of the operation of section 74Y (3) before that expiry, or(d) the Registrar-General has removed the recording of the priority notice under section 74X (2) (b), (c) or (d) before that expiry.
(3) A person who has lodged a priority notice may apply to the Registrar-General, in the approved form and manner, for an extension of the period of a priority notice by a single additional period of 30 days.
(4) The Registrar-General is to grant an extension if the application is duly made before the expiry of the initial 60-day period.
(5) If more than one priority notice is lodged with respect to the same land, the period during which each notice has effect is to be determined by reference to the lodgment date for the notice concerned.