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Diamonds Act, 1986 (Act No. 56 of 1986)

Chapter IV : Licences and Permits

34. Applications by natural persons for transfer of licences

 

1) Any natural person who desires to transfer his licence to a company or close corporation shall apply to the Regulator in writing for its approval of such transfer.

 

2) A licensee who has applied in terms of subsection (1) for the Regulator's approval shall furnish such additional particulars in connection with his application as the Regulator may require.

 

3) The Regulator shall not grant its approval for the transfer of a licence to a company or close corporation if it is of the opinion –
a) that the licensee concerned does not hold the controlling interest in the company or close corporation;
b) that, in the case of the company, any director thereof or, in the case of the close corporation, any member thereof is not a suitable person to carry on the activities authorised by the licence, or to be involved in such activities; or
c) that an interest which any person has in the company or close corporation is undesirable.

 

4) If the Regulator –
a) grants its approval for a transfer referred to in subsection (1), the chief executive officer of the Regulator shall endorse on the licence such alterations as are necessary as a result of the transfer; or
b) refuses its approval for the transfer, the chief executive officer of the Regulator shall notify the licensee in writing of the decision of the Regulator.