42Approval and registration of transfers

#### 42 Approval and registration of transfers 42 Approval and registration of transfers > > (1) A transfer of a licence is of no effect until it has been approved by the Minister and registered as provided by this section. > > > (2) A registered holder who desires to transfer a licence to another person, or to himself or herself and another person jointly, may lodge with the Minister an application for approval of the transfer of the licence. > > > (3) An application shall be accompanied by— > > > > > (a) an instrument of transfer of the licence— > > > > > > > (i) in a form approved by the Minister, and > > > > > > > (ii) duly executed by the transferor and the transferee, > > > > > > together with a copy of the instrument, and > > > > > (b) particulars of— > > > > > > > (i) the technical qualifications of the applicant and of the applicant’s employees, > > > > > > > (ii) the technical advice available to the applicant, and > > > > > > > (iii) the financial resources available to the applicant. > > > (4) On receipt of the application, the Secretary shall cause to be entered in the register a memorandum of the date on which the application was lodged with the Minister and shall make such other notations in the register as the Secretary thinks fit. > > > (5) The Minister shall not approve the transfer unless it is an absolute transfer of the whole of the transferor’s interest in the licence and unless satisfactory arrangements have been made for the acquisition by the transferee of the lands, or easements over the lands, within the licence area. > > > (6) Subject to subsection (5), the Minister may— > > > > > (a) approve the application, > > > > > (b) by instrument in writing served on the transferor inform the transferor that he or she is prepared to approve the application if the transferee, within such time as may be specified in the instrument, lodges with the Minister security in such amount and in such form as may be specified in the instrument, or > > > > > (c) refuse the application. > > > (7) Where— > > > > > (a) the Minister has, under subsection (6), informed the transferor that the transferee will be required to lodge a security, and > > > > > (b) the transferee has lodged that security with the Minister within the specified time, > > > > the Minister shall approve the application. > > > (8) If the Minister approves the application, the Secretary shall forthwith cause to be endorsed on the instrument of transfer and on the copy a memorandum of approval and, on payment of the prescribed fee, cause to be entered in the register a memorandum of the transfer and the name of the transferee. > > > (9) Upon entry in the register of the memorandum of approval, the transferee becomes the registered holder of the licence to which the instrument of transfer relates. > > > (10) The copy of the instrument of transfer endorsed with the memorandum of approval shall be retained by the Secretary and is subject to inspection in accordance with this Part. > > > (11) The instrument of transfer endorsed with the memorandum of approval shall be returned to the person who lodged the application. > > **s 42:** Am 1973 No 86, sec 3 (n); 1977 No 17, Sch 1; 1985 No 217, Schs 1 (5), 2 (18); 2006 No 35, Sch 1 \[89\]–\[94\].