88ZKApproval of transfer

#### 88ZK Approval of transfer (1) The Authority must, in writing given to the transferor and the proposed transferee, approve or refuse the transfer of the permission: (a) within 20 business days after receiving the application; or (b) if the Authority has requested additional information under regulation 88ZI—within 20 business days after receiving the additional information, unless the application is taken to have been withdrawn under subregulation 88ZI(4); or (c) if the Authority has notified the applicant of a longer period for considering the application—no later than the end of that longer period, unless the application is taken to have been withdrawn under subregulation 88ZI(4). (2) The Authority must not approve a transfer unless any fee payable under regulation 134 has been paid. (3) If the Authority approves the transfer, it must issue the transferee a permission (the new permission) of identical effect and with identical conditions as the permission held by the transferor, unless otherwise agreed by the transferee. (4) Despite subregulation (3), the new permission may include any of the following conditions: (a) a condition requiring the provision of a security by way of a bond, guarantee or cash deposit; (b) a condition requiring the permission holder to pay the Authority’s reasonable costs associated with inspections and supervision in relation to any project that is permitted by the permission; (c) a condition requiring the permission holder to indemnify the Authority in respect of costs to the Authority that the permission holder’s activities may incur (including costs that may be incurred under section 61A of the Act); (d) a condition requiring the permission holder to insure against any specified liability of the holder to the Authority for measures taken by the Authority to repair and mitigate damage to the Marine Park caused by the permission holder’s activities or contravention of the Act or these Regulations. (5) The permission (the old permission) held by the transferor is cancelled at the time the transferee is granted the new permission.