37Mortgage and assignment of interactive gambling licence

37 Mortgage and assignment of interactive gambling licence (1) The Minister may, in writing, approve a mortgage, charge or other encumbrance over an interactive gambling licence. (2) A right to sell or transfer an interactive gambling licence that arises from a mortgage, charge or encumbrance approved under subsection (1) may only be exercised in favour of a person approved in writing by the Minister. (3) The Minister must not approve a person under subsection (2) unless satisfied that— (a) the proposed transferee is a suitable person to hold an interactive gambling licence; and (b) each business or executive associate of the proposed transferee is a suitable person to be associated with a licensed provider’s operations. (4) For the purpose of making a decision under subsection (3), the Minister may require the proposed transferee of an interactive gambling licence to submit an application for the licence and may deal with the application, and investigate the suitability of the proposed transferee and the proposed transferee’s business and executive associates, in the same way as if the application were an application for a new interactive gambling licence.

(5) If a person has, under or because of, a mortgage, charge or encumbrance, a power to appoint a receiver or manager of the business conducted under an interactive gambling licence, the power may not be exercised unless the Minister has approved the proposed receiver or manager in writing.