118Transfer of approval in principle

118 Transfer of approval in principle

118 Transfer of approval in principle

(1) The approval in principle holder (transferring approval in principle holder) may transfer the approval in principle to another person (receiving approval in principle holder).

(2) A transfer takes effect on the day the Regulatory Authority receives a notice of transfer in accordance with subsection (3).

(3) A notice of transfer must—

(a) be in writing; and

(b) be signed by both the transferring approval in principle holder and the receiving approval in principle holder; and

(c) include the prescribed information; and

(d) include payment of the prescribed fee.

(4) As soon as practicable after receiving a notice of transfer, the Regulatory Authority must—

(a) amend the approval in principle to specify the name of the receiving approval in principle holder; and

(b) provide an amended copy of the approval in principle to the receiving approval in principle holder.