46Approval and registration of transfer

46 Approval and registration of transfer (1) A transfer of a licence is of no effect until it has been approved by the Minister and is registered under this section. (2) A registered holder who desires to transfer a licence to another person, or to himself and another person jointly, may make an application for the Minister's approval of the transfer of the licence. (3) An application under this section shall be served on the Registrar and shall be accompanied by an instrument of transfer of the licence in the prescribed form duly executed by the transferor and transferee, together with a copy of that instrument. (4) On receipt of an application under this section, the Registrar shall cause to be entered in the register a memorandum of the date on which the application was served on him and shall make such other notations in the register as the Minister directs. (5) As soon as practicable after the Registrar receives an application under this section he shall forward it to the Minister for the Minister's approval. (6) The Minister shall not approve the transfer of a licence unless it is an absolute transfer of the whole of the transferor's interest in the licence. (7) Subject to subsection (6), the Minister may: (a) approve an application under this section; (b) by instrument in writing served on the transferor, inform the transferor that he is prepared to approve the application if the transferee, within such time as is specified in the instrument, lodges with the Minister security in such amount, and in such form, as is specified in the instrument or takes out and maintains a policy of insurance of a kind approved by the Minister for the purposes referred to in section 38(2A), or both; or (c) refuse the application.

Energy Pipelines Act 1981 47 (8) Where: (a) the Minister has, under subsection (7)(b), informed the transferor that the transferee will be required to lodge a security; and (b) the transferee has lodged that security with the Minister within the specified time, the Minister shall approve the application. (9) If the Minister approves an application under this section, the Registrar shall forthwith endorse on the instrument of transfer and on the copy a memorandum of approval and, on payment of the fee prescribed by regulation, shall enter in the register a memorandum of the transfer and the name of the transferee. (10) Upon the entry in the register of a memorandum of approval referred to in subsection (9), the transferee becomes the registered holder of the licence to which the instrument of transfer relates. (11) The copy of an instrument of transfer endorsed with the memorandum of approval referred to in subsection (9) shall be retained by the Registrar and is subject to inspection in accordance with this Part. (12) An instrument of transfer endorsed as required by subsection (10) shall be returned to the person who lodged the application under subsection (2).