126 Mortgage or assignment of casino licence

(1)

A holder of a casino licence may not mortgage, charge, or otherwise encumber a casino licence unless the proposed holder of, and the nature, terms, and conditions of, the mortgage, charge, or encumbrance are first approved by the Gambling Commission.

(2)

A casino licence may not be transferred or alienated as a result of a mortgage, charge, or encumbrance being enforced unless the proposed transferee or alienee and any person who has or is likely to have a significant influence has first been approved by the Gambling Commission.

(3)

A charge holder, mortgagee, or holder of an encumbrance, or the holder of the casino licence, may apply on the relevant form to the Gambling Commission for approval under subsection (1) or subsection (2).

(4)

In considering whether to approve a proposed transferee or alienee, and any person with a significant influence under subsection (2), the Gambling Commission must investigate the suitability of the proposed transferee or alienee, and person, in accordance with sections 124 and 125.

Compare: 1990 No 62 s 47