Section 12Part 2 — Licensing of companies to carry on business in the Islands
Reconstruction, etc., of licensed company
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Where a reconstruction of any licensed company has occurred or where any licensed company makes an arrangement or enters into an agreement for —
the sale or other disposal of its business by amalgamation or otherwise; or
the purchase or other acquisition of the business of any other company carrying on business in the Islands,
such company shall, within three months after the occurrence of such reconstruction or after the implementation of such arrangement or agreement, inform the Board in writing thereof.
Where any particulars or information are received under this section, the Board, having regard to the nature of such particulars or information and notwithstanding the fact that the company concerned is a licensed company, may direct that company in writing to apply for another licence within such time and in such form as the Board may determine.
The issue of a directive under subsection (2) shall not affect the validity of any licence subsisting at the date of such directive and which was granted to the company to which such directive is issued.
Every licence to which subsection (3) refers shall be of full force and effect until —
it is revoked by the Board under section 11(5); or
another licence is granted to the company concerned upon an application made pursuant to a directive under subsection (2),
and thereafter the licence referred to in subsection (3) shall cease to have effect.
Cross References
- Section 11 of Local Companies Control Actexternal
section 11(5)