Section 70: Restriction on licences.

(1) A licensee shall not, except as provided under sections 7(2)(d), 15(2)(a), 67(4), (5) and (8) of this Act, assign or cede its license or transfer his undertaking, or any part of it, by way of sale, mortgage, charge, pledge, lease, franchise, exchange or otherwise without the prior consent of the Commission:
Provided that, where the Commission determine that in any instance the circumstances so require, it may prescribe license terms and conditions providing its specific or general consent for any or all of the foregoing.
(2) A licensee shall not, without the prior written consent of the Commission, acquire by purchase or otherwise, or affiliate or merge his undertaking with that of any other licensee or person that is in the business of electricity generation, transmission, system operation, distribution, supply or trading, other than as provided under section 6(1) (b), 67, 68 and 78 of this Act:
Provided that the Commission may, in granting its consent, impose conditions such as adherence to codes of conduct approved by the Commission.