Queensland Consolidated Acts
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INTERACTIVE GAMBLING (PLAYER PROTECTION) ACT 1998 - SECT 42
Mortgage and assignment of interactive gambling licence
42 Mortgage and assignment of interactive gambling licence
(1) A licensed provider must not mortgage, charge or otherwise encumber the
licence except with the written approval of the Minister.
(2) If a person has
a right to sell and transfer an interactive gambling licence under or because
of a mortgage, charge or encumbrance, the licence may only be sold and
transferred to a person approved by the Minister.
(3) Before the Minister
approves the transfer of an interactive gambling licence under this section,
the Minister must be satisfied that— (a) the proposed transferee is a
suitable person to hold an interactive gambling licence; and
(b) each
business and executive associate of the proposed transferee is a suitable
person to be associated with a licensed provider’s operations.
(4) The
Minister may require the proposed transferee of an interactive gambling
licence to submit an application for the licence and may deal with the
application, and investigate the suitability of the proposed transferee and
the proposed transferee’s business and executive associates, in the same way
as if the application were an application for a new interactive gambling
licence.
(5) If a person has under, or because of, a mortgage, charge or
encumbrance a power to appoint a receiver or manager of the business conducted
under an interactive gambling licence, the power may only be exercised if the
Minister first approves the proposed receiver or manager in writing.
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