Settlement Agents Act 1981

This section applies to a licensee that is a firm or body corporate if paragraph (c) or (d) of section 28(1) or 29(1) (as is relevant) ceases to apply in relation to the licensee.

The licensee must, within 5 days after the day on which the paragraph ceased to apply to the licensee, surrender the licensee’s licence and triennial certificate held in respect of the licence, unless the licensee is carrying on business under Schedule 1 clause 10.

If a licensee carries on business under Schedule 1 clause 10 then, at the end of the period referred to in that clause, the licensee must immediately surrender the licensee’s licence and triennial certificate unless the licensee satisfies section 28(1)(c) and (d) or section 29(1)(c) and (d) (as is relevant).