Clause 6

No person shall acquire, on or after the date of commencement of section 6 of the Rapid Transit Systems (Amendment) Act 2010, any essential operating asset of a rapid transit system, or an interest in an essential operating asset of a rapid transit system (whether or not the acquisition is by way of the enforcement of a loan security) unless —

the person is a licensee authorised by licence to operate that rapid transit system; or

the Authority consents in writing to such acquisition.(2) Any acquisition, or a purported acquisition, on or after the date of commencement of section 6 of the Rapid Transit Systems (Amendment) Act 2010, of any essential operating asset of a rapid transit system or part thereof, or an interest in an essential operating asset of a rapid transit system or part thereof, in contravention of subsection (1) shall be void.(3) In this section, “essential operating asset”, in relation to any rapid transit system, means any land, plant, equipment, machinery or other property which —

is used or intended to be used (and whether or not it is also used for other purposes) by the licensee authorised by a licence to operate that rapid transit system; and

is designated by or under the licence to be an essential operating asset.Restrictions on transfer, etc., and surrender of licences16B.—

Every licence shall not be capable of being transferred or assigned unless —

the licence contains a condition authorising such transfer or assignment; and

the Authority consents in writing to such transfer or assignment.(2) Any consent under subsection (1) may be given subject to compliance with such conditions as the Authority thinks fit to impose, which may, subject to section 16, include conditions modifying, or requiring or otherwise providing for the making of modifications to, the conditions of the licence.(3) A transfer or an assignment, or a purported transfer or assignment, of a licence shall be void —

if the licence is not capable of transfer or assignment;

if the transfer or assignment, or purported transfer or assignment, is in breach of a condition of the licence; or

if there has, before the transfer or assignment or purported transfer or assignment, been a contravention of a condition subject to compliance with which the consent required by subsection (1) is given.(4) Every licence shall not be capable of being surrendered without the consent in writing of the Authority, and any surrender or purported surrender of a licence shall be void if it is without such consent.”.