sec.109EDealing with amounts received on sale of licensee’s operating authority

### sec.109E Dealing with amounts received on sale of licensee’s operating authority If at an authorised sale only 1 licensee’s operating authorities are sold, the selling entity must deal with the amount received for the authorities as follows— a percentage of the amount received must be paid into the consolidated fund; the balance must be paid to the licensee. If at an authorised sale 2 or more licensee’s operating authorities are sold, the selling entity must deal with the amount received for the authorities as follows— a percentage of the amount received for all of the authorities sold must be paid into the consolidated fund; the balance must be paid to the licensees in the amounts worked out as provided for under a regulation. The selling entity must calculate the amount to be paid into the consolidated fund under subsection (2) (a) in the way prescribed under a regulation. The percentage mentioned in subsections (1) (a) and (2) (a) is the percentage prescribed under a regulation. In this section— licensee , in relation to an operating authority, includes a person other than a licensee if the person was a licensee and the operating authority is sold for the person at an authorised sale. s 109E ins 2003 No. 41 s 21 amd 2013 No. 25 s 68 (sec.109E-ssec.1) If at an authorised sale only 1 licensee’s operating authorities are sold, the selling entity must deal with the amount received for the authorities as follows— a percentage of the amount received must be paid into the consolidated fund; the balance must be paid to the licensee. (sec.109E-ssec.2) If at an authorised sale 2 or more licensee’s operating authorities are sold, the selling entity must deal with the amount received for the authorities as follows— a percentage of the amount received for all of the authorities sold must be paid into the consolidated fund; the balance must be paid to the licensees in the amounts worked out as provided for under a regulation. (sec.109E-ssec.3) The selling entity must calculate the amount to be paid into the consolidated fund under subsection (2) (a) in the way prescribed under a regulation. (sec.109E-ssec.4) The percentage mentioned in subsections (1) (a) and (2) (a) is the percentage prescribed under a regulation. (sec.109E-ssec.5) In this section— licensee , in relation to an operating authority, includes a person other than a licensee if the person was a licensee and the operating authority is sold for the person at an authorised sale. - (a) a percentage of the amount received must be paid into the consolidated fund; - (b) the balance must be paid to the licensee. - (a) a percentage of the amount received for all of the authorities sold must be paid into the consolidated fund; - (b) the balance must be paid to the licensees in the amounts worked out as provided for under a regulation.