Div 6Dealings affecting casino licence

Division 6—Dealings affecting casino licence 12—Dealing with licence and associated business assets The licensee cannot mortgage, charge or encumber any of the following assets without the approval of the Commissioner— (a) the casino licence; or (b) business assets associated with the operation of the casino (including incidental assets such as the facilities for providing food and refreshments for casino patrons). 13—Dealings affecting casino business (1) The licensee must not enter into a transaction under which the licensee disposes of, or grants an interest in, the business conducted under the casino licence to someone else without the approval of the Commissioner. (2) The following are (for example) transactions under which the licensee grants an interest in the business conducted under the casino licence— (a) a partnership agreement that relates to business conducted or to be conducted under the licence; (b) an agreement or arrangement under which a person participates in proceeds or profits of business conducted or to be conducted under the licence; (c) an agreement or arrangement under which the licensee remunerates another by reference to proceeds or profits of the business or any aspect of the business. (3) However, 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. 14—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 or Division 6A) 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 licensee. (2) Within 14 days after the 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. (3) If the 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) A person adversely affected by an order under subsection (4) may, within 1 month after the date of the order or a longer period allowed by the Court, appeal to the Court against the order. (6) On an appeal, the Court may— (a) confirm, vary or revoke the Commissioner's order and, if the order is revoked, make any order that should have been made in the first place; and (b) make incidental and ancillary orders. (7) The 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. 14A—Approval or ratification of transactions to which this Division applies (1) An application for the Commissioner's approval or ratification of a transaction to which this Division applies— (a) must be made to the Commissioner by the parties to the transaction in the form required by the Commissioner; and (b) must be supported by the information required by the Commissioner. (2) If a transaction to which this Division applies results or might result in the acquisition by a person other than the licensee of power to conduct, or to control or exercise significant influence over the conduct of, the casino business, the Commissioner— (a) must assess the suitability of that person to exercise that power and, in doing so, must apply (to the extent they are applicable) the same criteria as apply to assessing the suitability of a prospective licensee; and (b) must not approve or ratify the transaction unless satisfied that the person is a suitable person to exercise the relevant power. (3) An application for the Commissioner's approval or ratification of a transaction to which this Division applies may be withdrawn by a party to the transaction at any time before the application is determined.