sec.197Giving effect to transfer

sec.197 Giving effect to transfer

This section applies if— the chief executive approves the transfer; and if the buyer has to enter into a commercial activity agreement with the chief executive—the fee stated in schedule 8 for an application for the commercial activity agreement has been paid; and all amounts payable by the seller under the seller’s commercial activity agreement have been paid. If the seller transfers all of the authorisation under the agreement, the chief executive must give effect to the transfer by cancelling the seller’s agreement and— if the buyer is the other party to another commercial activity agreement—amending the other agreement to reflect the transfer; or if the buyer is not the other party to another commercial activity agreement—entering into, with the buyer, a commercial activity agreement to provide the authorisation. If the seller transfers only part of the authorisation under the agreement, the chief executive must give effect to the transfer by amending the seller’s commercial activity agreement to reflect the transfer and— if the buyer is the other party to another commercial activity agreement—amending the other agreement to reflect the transfer; or if the buyer is not the other party to another commercial activity agreement—entering into, with the buyer, a commercial activity agreement to provide the authorisation the subject of the transfer. (sec.197-ssec.1) This section applies if— the chief executive approves the transfer; and if the buyer has to enter into a commercial activity agreement with the chief executive—the fee stated in schedule 8 for an application for the commercial activity agreement has been paid; and all amounts payable by the seller under the seller’s commercial activity agreement have been paid. (sec.197-ssec.2) If the seller transfers all of the authorisation under the agreement, the chief executive must give effect to the transfer by cancelling the seller’s agreement and— if the buyer is the other party to another commercial activity agreement—amending the other agreement to reflect the transfer; or if the buyer is not the other party to another commercial activity agreement—entering into, with the buyer, a commercial activity agreement to provide the authorisation. (sec.197-ssec.3) If the seller transfers only part of the authorisation under the agreement, the chief executive must give effect to the transfer by amending the seller’s commercial activity agreement to reflect the transfer and— if the buyer is the other party to another commercial activity agreement—amending the other agreement to reflect the transfer; or if the buyer is not the other party to another commercial activity agreement—entering into, with the buyer, a commercial activity agreement to provide the authorisation the subject of the transfer.

• (a) the chief executive approves the transfer; and
• (b) if the buyer has to enter into a commercial activity agreement with the chief executive—the fee stated in schedule 8 for an application for the commercial activity agreement has been paid; and