Div 3Dealings with licence or licensed business

Division 3—Dealings with licence or licensed business 16—Transfer of licence (1) The Governor may, on the recommendation of the Commissioner, approve the transfer of a licence. (3) On a transfer of a licence— (a) the transferee succeeds to all the rights and obligations of the transferor under the approved licensing agreement and, in the case of the comprehensive licence, the racing distribution agreement; and (b) the approved licensing agreement governs the conditions of the licence in the same way and to the same extent as before the transfer. (4) The Governor is not bound to act in accordance with the Commissioner's recommendation. 17—Dealings affecting licensed business (1) A licensee must not enter into any of the following transactions without the approval of the Commissioner: (a) a partnership agreement that relates to betting operations conducted or to be conducted under the licence; (b) an agreement or arrangement under which the licensee conducts or is to conduct betting operations under the licence jointly with another or as the agent of another; (c) an agreement or arrangement under which a person participates in, or is remunerated by reference to, proceeds or profits of the business conducted or to be conducted under the licence; (d) a transaction to mortgage, charge or encumber the licence or assets associated with operations under the licence; (e) an agreement or arrangement under which the licensee disposes of, or grants an interest in, the business conducted under the licence. (2) This section does not invalidate an agreement or arrangement made subject to a condition precedent under which it is not to take effect until approved by the Commissioner. 18—Other transactions under which outsiders may acquire control or influence (1) This section applies to a transaction if it is a transaction (other than one for which the Commissioner's approval is required under this Division) under which a person or a group of persons who are close associates of each other attain a position of control or significant influence over the conduct of a licensee. (2) Within 14 days after a licensee becomes aware of a transaction to which this section applies, the licensee must— (a) inform the Commissioner of the transaction; and (b) provide any information about the transaction that is available to the licensee. Maximum penalty: $50 000. (3) If a licensee is a party to a transaction to which this section applies, and the transaction takes effect before the Commissioner approves it, the licensee is liable to disciplinary action. (4) If a transaction to which this section applies has not been approved or ratified by the Commissioner, the Commissioner may, after allowing the parties to the transaction a reasonable opportunity to be heard, make orders of one or more of the following kinds: (a) an order avoiding the transaction; (b) an order requiring a person who has acquired an interest under the transaction to dispose of that interest within a specified time; (c) an order terminating a contractual or other relationship under which control or influence might be exercised over the licensee; (d) an order preventing or regulating the exercise of power or influence acquired as a result of the transaction; (e) an order (which may include an order for restitution) dealing with any consequential or ancillary issues. (5) The Supreme Court may, if satisfied on application by the Commissioner that there is good reason to do so, register an order of the Commissioner in the Court and, on registration, the order may be enforced as a judgment of the Court. 19—Surrender of licence (1) A licensee may, with the approval of the Commissioner, surrender the licence. (2) The surrender of a licence does not affect liabilities incurred by the licensee before the surrender takes effect.