Assignment of interests in authorities under section 41
41B Assignment of interests in authorities under section 41
Where:
a person (in this subsection and in subsection (2) referred to as the assignor), being the person on whom an authority has been conferred under section 41 or, in a case where an authority has been conferred under section 41 on 2 or more persons engaged in a joint venture, one of those persons, applies in writing to the Minister for the Minister’s consent to the assignment by the assignor of the whole of his or her interest in the authority to a person named in the application (in this subsection and in subsection (2) referred to as the assignee), not being, in a case where the authority has been conferred on 2 or more persons engaged in a joint venture, the other person or one of the other persons, as the case may be, on whom the authority has been conferred;
the Minister is satisfied that the assignee agrees to the assignment; and
in a case where the authority has been conferred on 2 or more persons engaged in a joint venture, the Minister is satisfied that the assignor gave the other person or each of the other persons, as the case may be, on whom the authority has been conferred not less than 3 months’ notice of the assignor’s intention to make an application under this section;
the Minister may, in his or her discretion, by instrument in writing under his or her hand, consent to the assignment.
Where the Minister consents, under subsection (1), to the assignment by a person of his or her interest in an authority under section 41, the name of the assignee shall be deemed, from the time of the signing of the instrument of consent, to be specified in the authority in lieu of the name of the assignor.
Where:
an authority has been conferred under section 41 on 2 or more persons engaged in a joint venture;
one of those persons (in this subsection and subsection (4) referred to as the assignor) applies in writing to the Minister for the Minister’s consent to the assignment by the assignor of the whole of his or her interest in the authority to the other person or to one or more of the other persons, as the case may be;
the Minister is satisfied that the person or persons to whom the interest is to be assigned agrees or agree to the assignment; and
in a case where the authority has been conferred on more than 2 persons and the interest is to be assigned to some only of the other persons referred to in paragraph (b), the Minister is satisfied that the assignor gave to the person or each of the persons, as the case may be, to whom the interest is not to be assigned not less than 3 months’ notice of his or her intention to make an application under this subsection;
the Minister may, in his or her discretion, by instrument in writing under his or her hand, consent to the assignment.
Where the Minister consents, under subsection (3), to the assignment of an interest in an authority under section 41, the name of the assignor shall be deemed, from the time of the signing of the instrument of consent, to be omitted from the authority.
A reference in this Act to the person or persons on whom an authority has been conferred under section 41 shall, in a case where the Minister has consented under subsection (1) or (3) to the assignment of an interest in the authority, be construed as a reference to the person or persons for the time being specified, or deemed by the operation of subsection (2) or (4) to be specified, in the authority as the person or persons on whom the authority has been conferred.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.