338Transfer of licences

338 Transfer of licences

338 Transfer of licences

(1) The Minister must register the transfer of a licence or a share in a licence if:

(a) a party to the transfer lodges the instrument of transfer for registration, and

(b) a party to the transfer lodges a copy of the instrument of transfer, and

(c) the transfer has been approved by the Minister, and

(d) the licence is lodged with the Minister for annotation under subsection (5), and

(e) the fee prescribed by the regulations is paid, and

(f) section 341 (caveats) does not prevent the registration of the transfer.

Note—

Paragraph (c): the Minister’s approval is endorsed on the transfer (see section 365 (3)).

(2) The Minister must also register the date and time of registration of the transfer.

(3) If an instrument purports to transfer a licence or a share in a licence, the Minister must register the instrument under this section without inquiring into or being concerned as to the legal effectiveness of the instrument.

(4) If an instrument that transfers a licence or a share in a licence is registered, the Minister must register the name of the transferee as a licence holder.

(5) If the Minister registers the transfer of a licence or a share in a licence, the Minister must annotate the licence to show the transferee as a licence holder.

(6) The Minister must:

(a) keep the copy of the transfer, and

(b) return the transfer to the person who lodged it, and

(c) return the annotated licence to the person who lodged it.

(7) The registration of a document under this section does not give the document any greater effect than it would have had apart from this Act.