sec.86Demutualisation of licence holder

sec.86 Demutualisation of licence holder

This section applies if the council cancels a pharmacy business licence on the ground mentioned in section 66 (1) (b) because— the holder of the licence is a corporation whose constitution is modified; and the demutualisation provisions apply to the modification. The previous holder of the pharmacy business licence may continue to be an owner of, or to carry on, the pharmacy business to which the licence relates for the period starting on the day the licence is cancelled and ending 6 months after that day. See section 88 in relation to requirements about carrying on the pharmacy business. Sections 15 , 19 and 20 do not apply to the previous holder in relation to being an owner of, or carrying on, the pharmacy business until the period mentioned in subsection (2) ends. In this section— demutualisation provisions means the Corporations Act , schedule 4 , part 5 . (sec.86-ssec.1) This section applies if the council cancels a pharmacy business licence on the ground mentioned in section 66 (1) (b) because— the holder of the licence is a corporation whose constitution is modified; and the demutualisation provisions apply to the modification. (sec.86-ssec.2) The previous holder of the pharmacy business licence may continue to be an owner of, or to carry on, the pharmacy business to which the licence relates for the period starting on the day the licence is cancelled and ending 6 months after that day. See section 88 in relation to requirements about carrying on the pharmacy business. (sec.86-ssec.3) Sections 15 , 19 and 20 do not apply to the previous holder in relation to being an owner of, or carrying on, the pharmacy business until the period mentioned in subsection (2) ends. (sec.86-ssec.4) In this section— demutualisation provisions means the Corporations Act , schedule 4 , part 5 .

• (a) the holder of the licence is a corporation whose constitution is modified; and
• (b) the demutualisation provisions apply to the modification.