Singapore legislation

Clause 12

Transfer of licence

The Minister may approve the transfer of a licence —

(a)

on the application of the licensee and the intended transferee; and

(b)

in accordance with this section.

A licence may only be transferred to a Singapore company which —

(a)

is eligible under section 7 to be granted a licence; and

(b)

meets such other criteria as may be prescribed.

The Minister’s approval under this section may be given with or without conditions.

The transfer of a licence takes effect on —

(a)

the date on which the conditions (if any) for the Minister’s approval of the transfer are met; or

(b)

such other date as the Minister may specify.

Where the Minister has approved the transfer of a licence, the Minister may —

(a)

sponsor the new licensee’s application to the ISA for a corresponding ISA contract; and

(b)

issue a certificate of sponsorship to the new licensee.

The transfer of a licence does not affect any criminal or civil liability incurred by the original licensee.