40Transfer

40 Transfer (1) A licence is transferable only with ICRC’s written agreement. Note 1 Under s 52, the ICRC must prepare a notice of a transfer of a licence. The Note 2 If ICRC refuses to agree to the transfer of a licence, it must give a reviewable decision notice to the licensee (see s 43A). (2) ICRC may, on application, agree to a transfer of a licence only if satisfied that the intended licensee satisfies the requirements mentioned in section 37 (2) that apply at the time of the transfer. (3) A transfer takes effect— (a) on the day ICRC gives written notice of its agreement to the licensee; or (b) if the notice provides for a later date of effect—on that day. Note Under s 52, the ICRC must prepare a notice of a refusal to agree to transfer a licence. The notice is a notifiable instrument.