Transfer or transmission of business.

(1) Where the business of a pel'son Iiccnscd under this Act is transmitted by sucession, intestate or testamentary, the heir or JegCltee, as the case may be, shall not carryon the business of such licensee either in his own name or in any other name, unless the heir or legatee has, before the expi]')' 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 "3 such licenses [or the aforesaid period of sixty days, and, if he has applied for such licence, until he is granted the licence, or is, by notice in writ ins informed bv the Controller that such licence cannot be cranted to him. (2) Where the business 0[' any person licensed under this Act is trans- ferred by sale, gift, lease or otherwise, the transferee or lessee, z., the case m"-)' be, shall not carryon such business either in his own name or in any other name, unless he has obtained a licence to carry on such business.