29Automatic suspension of licence if Fund claim upheld

29 Automatic suspension of licence if Fund claim upheld (1) A licence is automatically suspended 30 days after a claim is admitted against the Fund in relation to the licensee. S. 29(1A) inserted by No. 4/2008 s. 9(1). (1A) If a licence of a partnership or a body corporate is suspended under subsection (1), the licence of any partner or director of the partnership or body corporate is automatically suspended 30 days after the end of the application period for that partner or director. S. 29(1B) inserted by No. 4/2008 s. 9(1). (1B) A licence of a partnership or body corporate is automatically suspended at the end of the notice period for the partnership or body corporate if a person whose licence has been suspended under subsection (1A) is still a partner or director of, or a person concerned in the management of, the partnership or body corporate at the end of the notice period. (2) If a person whose licence would otherwise be suspended by this section applies for permission under section 29A before the suspension takes effect, the person's licence is only automatically suspended if the application is withdrawn or is refused by the Authority. S. 29(2A) inserted by No. 4/2008 s. 9(2). (2A) The Authority must give notice in writing of a proposed suspension under subsection (1A) by serving it on the partner or director affected by the suspension. S. 29(2B) inserted by No. 4/2008 s. 9(2). (2B) The notice under subsection (2A) must state that— (a) the person notified may apply under section 29A within 30 days after the date the notice was served on the person for permission to prevent the suspension from taking effect; and (b) if the person does not apply under section 29A for permission or the application is refused or withdrawn, the licence of any other partnership or body corporate will be automatically suspended at the end of the notice period for that partnership or body corporate if the person is still a partner or director of, or a person concerned in the management of, the partnership or body corporate at the end of that notice period. S. 29(2C) inserted by No. 4/2008 s. 9(2). (2C) The Authority must serve notice in writing of a proposed suspension under subsection (1A) on a partnership or body corporate that is a licensee if the person who is subject to the proposed suspension is a partner or director of, or a person concerned in the management of, the partnership or body corporate. S. 29(2D) inserted by No. 4/2008 s. 9(2). (2D) The notice under subsection (2C) must state that— (a) a notice has been served on a person under subsection (2A) and the date on which the notice was served; and (b) if an application under section 29A is not made by that person or is refused or withdrawn, the licence of the partnership or body corporate will be automatically suspended if the person is still a partner or director of, or a person concerned in the management of, the partnership or body corporate at the end of the notice period for that partnership or body corporate. S. 29(3) amended by No. 4/2008 s. 9(3). (3) Subsection (1) does not apply if the circumstances giving rise to a claim occurred before section 15 of the **Motor Car Traders (Amendment) Act 1996** came into operation. S. 29(4) inserted by No. 4/2008 s. 9(4). (4) Subsections (1A) and (1B) do not apply if the circumstances giving rise to a claim occurred before section 9 of the **Motor Car Traders Amendment Act 2008** came into operation. S. 29(5) inserted by No. 4/2008 s. 9(4). (5) In this section— ***application period*** in relation to a person, means the later of— (a) the period of 30 days after the date on which a notice was served on the person under subsection (2A); or (b) if the person makes an application under section 29A within the period referred to in paragraph (a), the date of withdrawal or refusal of the application; ***notice period*** in relation to a partnership or body corporate, means the period of 30 days after the end of the application period relating to a person who is a partner or director of, or a person concerned in the management of, the partnership or body corporate. S. 29A inserted by No. 74/1996 s. 15.