sec.42Mortgage and assignment of interactive gambling licence

sec.42 Mortgage and assignment of interactive gambling licence

A licensed provider must not mortgage, charge or otherwise encumber the licence except with the written approval of the Minister. If a person has a right to sell and transfer an interactive gambling licence under or because of a mortgage, charge or encumbrance, the licence may only be sold and transferred to a person approved by the Minister. Before the Minister approves the transfer of an interactive gambling licence under this section, the Minister must be satisfied that— the proposed transferee is a suitable person to hold an interactive gambling licence; and each business and executive associate of the proposed transferee is a suitable person to be associated with a licensed provider’s operations. 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. 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 only be exercised if the Minister first approves the proposed receiver or manager in writing. (sec.42-ssec.1) A licensed provider must not mortgage, charge or otherwise encumber the licence except with the written approval of the Minister. (sec.42-ssec.2) If a person has a right to sell and transfer an interactive gambling licence under or because of a mortgage, charge or encumbrance, the licence may only be sold and transferred to a person approved by the Minister. (sec.42-ssec.3) Before the Minister approves the transfer of an interactive gambling licence under this section, the Minister must be satisfied that— the proposed transferee is a suitable person to hold an interactive gambling licence; and each business and executive associate of the proposed transferee is a suitable person to be associated with a licensed provider’s operations. (sec.42-ssec.4) 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. (sec.42-ssec.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 only be exercised if the Minister first approves the proposed receiver or manager in writing.

• (a) the proposed transferee is a suitable person to hold an interactive gambling licence; and