163Incumbent to give notice of intention to exercise transitional right

1. Where, in relation to any frequency to which section 162 applies, any person wishes to be granted the spectrum licence to which that person is entitled by virtue of subsection (2) of that section or, as the case may be, to be registered as manager by virtue of subsection (4) of that section, that person shall give written notification of that fact to the Secretary not later than 10 working days after the date on which a record of management rights is recorded in relation to that frequency pursuant to section 10(2).

2. That person shall also specify in that notice whether that person elects to pay, in respect of the spectrum licence or, as the case may be, the registration as manager,—

3. an annual fee in accordance with paragraph (a) of subsection (1) of section 164; or
4. the amount referred to in paragraph (b) of that subsection,—
and that election shall not be capable of revocation or variation.

5. If the person entitled, pursuant to section 162, to be granted a spectrum licence or, as the case may be, to be registered as manager in respect of any frequency does not give the written notice required by subsection (1) within the period specified in that subsection, the right conferred on that person by section 162 to be granted that spectrum licence or, as the case may be, registered as manager in respect of that frequency shall lapse, and that person shall not be entitled to be granted any spectrum licence or be registered as manager pursuant to that right.