Financial security for a transferred licence
72 Financial security for a transferred licence
This section applies to a licence if:
there is a management plan for the licence; and
an application has been made under section 69 for the licence to be transferred from the licence holder (the transferor) to another eligible person (the transferee); and
any of the following apply:
the Minister is considering whether to transfer the licence;
the Minister has decided to transfer the licence;
the transfer has occurred.
The licensing scheme may require both:
the transferor; and
the transferee;
to comply with sections 117 and 118 (financial security) in relation to the licence.
The licensing scheme may provide for the transferor’s obligations under sections 117 and 118:
to cease, in whole or part, after the transferee has complied with equivalent obligations; or
to continue, in whole or part, for any period during which the licence remains in force (including as a result of an extension of the end day of the licence under this Chapter).
This Act’s bill:Explanatory memorandumSecond reading speech
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