Transfer or transmission of business

Corporate197951 sections

Statutory text

(1) Where the business of a person licensed under this Act is transmitted by succession, intestate or testamentary, the heir or legatee, as the case may be, shall not carry on the business of such licensee either in his own name or in any other name, unless the heir or legatee has, before the expiry of sixty days after the date of such transmission, made to the Controller an application for the issue of a licence in accordance with the provisions of this Act: Provided that nothing in this section shall be deemed to prohibit the heir or legatee from carrying on business as such licensee for the aforesaid period of sixty days, and, if he has applied for such licence, until he is granted the licence, or is, by a notice in writing, informed by the Controller that such licence cannot be granted to him.
(2) Where the business of any person licensed under this Act is transferred by sale, gift, lease

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