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Subject to any provision made by regulations under section 85 of this Act, an operator's licence and a special authorisation shall not be capable of being transferred or assigned, but provision may be made by regulations for treating a person carrying on the trade or business of the holder of an operator's licence or special authorisation as if he were the holder thereof (for such purposes, for such period and to such extent as may be specified in the regulations), in the event of the death, incapacity, bankruptcy or liquidation of the holder, or of the appointment of a receiver or manager in relation to the trade or business.
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