S.L. 545.38 Art. 8Transfer of authorisation.

(1) An authorisation issued by the Regulator under these regulations shall not be validly transferred to any other inter vivos person unless:

(a) the transferor informs in writing the Regulator in such form and manner as the Regulator shall prescribe;

(b) the Regulator is satisfied that at least the same criteria as listed in regulation 4(2) are complied with;

(c) the transfer is subject to the conditions prescribed in the authorisation; and

(d) the Regulator approves in writing the transfer of the authorisation.

(2) An authorisation issued by the Regulator under these regulations shall not be validly transmitted to any other causa mortis person unless:

(a) the transferor informs in writing the Regulator in such form and manner as the Regulator shall prescribe;

(b) the Regulator is satisfied that at least the same criteria as listed in regulation 4(2) are complied with;

(c) the transfer is subject to the conditions prescribed in the authorisation; and

(d) the Regulator approves in writing the transfer of the authorisation:

Provided that an authorisation issued in terms of these regulations shall be an indivisible right:

Provided further that in the event that the Regulator approves the transfer of the authorisation as aforesaid, the transfer shall have retrospective effect from the date of the death of the decujus.

(3) Where the authorised provider is a body corporate or any other body of persons, a change in the control of the ownership or management of that body shall be deemed to be equivalent to the transfer of the authorisation and shall be subject to the approval of the Regulator. For the purpose of this sub-regulation, a transfer in the control of the ownership of a body corporate or other body of persons shall be deemed to occur in any case where a transfer of the capital, shares, stocks or other rights held in the body corporate or other body of persons leads to a change in the person holding the controlling interest therein.