Section 117: Assignment or Transfer of Licence or Permit.

1 A holder of a licence or permit shall not, without the prior written consent of the Authority, assign or transfer its licence or permit or any right or obligation arising from the licence or permit.

2 An application for assignment or transfer of a licence or permit shall be made to the Authority, which may require the applicant to publish a notice of the application in the form, manner and time prescribed by regulation under this Act.

3 The Authority shall, in the determination of whether a licence or permit is to be assigned or transferred—
a follow the same procedure with appropriate modifications;
b apply the same rules and criteria;
c consider the same issues as if the party to whom the licence or permit is being assigned or transferred is applying for a new licence or new permit; and
d consider the representations made to it by third parties in respect of the application.

4 The Authority shall, subject to subsection (3), communicate in writing, its approval or refusal of an application for assignment or transfer of a licence or permit within the time prescribed by regulation under this Act.

5 Where the Authority does not approve or refuse an application and fails to communicate its decision to an applicant for the assignment or transfer of a licence or permit within the prescribed time, the application shall be deemed to be approved.

6 Where the Authority refuses the grant of an application for an assignment or a transfer of a licence or permit, it shall communicate to the applicant the reason for the refusal and shall give reasonable time within which further representation may be made by the applicant or by a third party in respect of the application.

7 Where the Authority grant consent to an assignment or transfer of a licence or permit, it shall notify the applicant in writing, subject to any condition it may consider appropriate.