28Action of Authority

28 Action of Authority (1) If the Authority becomes aware that a licensee has become a disqualified person, or that a licensee that is a company has ceased to have at least one director who is a licensee, the Authority must— (a) cancel the licensee's licence immediately; or (b) if the licensee has applied for an appropriate permission under Division 7, consider the application; or (c) if applicable, invite the licensee to apply for an appropriate permission under Division 7. (2) If a licensee in receipt of an invitation under subsection (1)(c) wishes to apply for an appropriate permission under Division 7, the licensee must make the application within 30 days after receiving the invitation, or within a different period specified by the Authority in the invitation. (3) If an application referred to in subsection (2) is not received by the Authority within the time allowed by that subsection, the Authority must cancel the licensee's licence. (4) After considering an application referred to in subsection (1)(b) or (2), the Authority must— (a) in accordance with Division 7, grant the permission sought; or (b) refuse to grant the permission sought and cancel the licensee's licence.