38Sale, &c., of business and transfer of plates

38 Sale, &c., of business and transfer of plates (1) Where a trader sells or disposes of or ceases to carry on the business in respect of which he is licensed, he shall, within 14 days after the sale or disposal, notify the Registrar in writing of the sale or disposal and return to the Registrar the licence and trader's plates issued to him. (2) Upon application by the person to whom the business has been sold or disposed of and upon payment by him of the prescribed fee, the Registrar may transfer the licence in respect of the business to that person for the unexpired period of the licence. (3) If the Registrar approves of the transfer, he shall sign the licence in the space set apart therefor for his signature and return the licence Motor Vehicles Act 1949 57 and the trader's plates to the person to whom the business has been sold or disposed of and such person shall then be deemed to be the licensee for the purposes of this Act.