72Financial security for a transferred licence

72 Financial security for a transferred licence

(1) This section applies to a licence if: (a) there is a management plan for the licence; and (b) an application has been made under section 69 for the licence to be transferred from the licence holder (the transferor) to another eligible person (the transferee); and (c) any of the following apply: (i) the Minister is considering whether to transfer the licence; (ii) the Minister has decided to transfer the licence; (iii) the transfer has occurred. (2) The licensing scheme may require both: (a) the transferor; and (b) the transferee; to comply with sections 117 and 118 (financial security) in relation to the licence. (3) The licensing scheme may provide for the transferor’s obligations under sections 117 and 118: (a) to cease, in whole or part, after the transferee has complied with equivalent obligations; or (b) to continue, in whole or part, for any period during which the licence remains in force (including as a result of an extension of the end day of the licence under this Chapter).