sec.34Mortgage and transfer of authority

sec.34 Mortgage and transfer of authority

An authority holder may mortgage or otherwise encumber the wagering authority only with the written approval of the Minister. If a person has, under or because of a mortgage or other encumbrance, a right to sell and transfer a wagering authority, the authority may be sold and transferred only to a person approved by the Minister in writing. Before the Minister approves a person for the transfer of a wagering licence, the Minister must be satisfied— the proposed transferee is a suitable person to hold a wagering licence; and each business and executive associate of the proposed transferee is a suitable person to be associated with a wagering licensee’s operations. Before the Minister approves a person for the transfer of an oncourse wagering permit, the Minister must be satisfied— the proposed transferee is a suitable person to hold an oncourse wagering permit; and each business and executive associate of the proposed transferee is a suitable person to be associated with a permit holder’s operations. The Minister may require the proposed transferee of the wagering authority to submit an application for the authority and may deal with the application, and investigate the suitability of the proposed transferee and proposed transferee’s business and executive associates, in the same way as if the application were an application for a new wagering authority of the kind proposed to be transferred. If a person has, under or because of a mortgage or other encumbrance, a power to appoint a receiver or manager of the operations conducted under a wagering authority, the power may be exercised only if the Minister first approves the proposed receiver or manager in writing. (sec.34-ssec.1) An authority holder may mortgage or otherwise encumber the wagering authority only with the written approval of the Minister. (sec.34-ssec.2) If a person has, under or because of a mortgage or other encumbrance, a right to sell and transfer a wagering authority, the authority may be sold and transferred only to a person approved by the Minister in writing. (sec.34-ssec.3) Before the Minister approves a person for the transfer of a wagering licence, the Minister must be satisfied— the proposed transferee is a suitable person to hold a wagering licence; and each business and executive associate of the proposed transferee is a suitable person to be associated with a wagering licensee’s operations. (sec.34-ssec.4) Before the Minister approves a person for the transfer of an oncourse wagering permit, the Minister must be satisfied— the proposed transferee is a suitable person to hold an oncourse wagering permit; and each business and executive associate of the proposed transferee is a suitable person to be associated with a permit holder’s operations. (sec.34-ssec.5) The Minister may require the proposed transferee of the wagering authority to submit an application for the authority and may deal with the application, and investigate the suitability of the proposed transferee and proposed transferee’s business and executive associates, in the same way as if the application were an application for a new wagering authority of the kind proposed to be transferred. (sec.34-ssec.6) If a person has, under or because of a mortgage or other encumbrance, a power to appoint a receiver or manager of the operations conducted under a wagering authority, the power may be exercised only if the Minister first approves the proposed receiver or manager in writing.