Part III Licensing of Credit and Hire Businesses

Miscellaneous

37 Death, bankruptcy etc. of licensee.

C11

A licence held by one individual terminates if he—

a

dies, or

b

is adjudged bankrupt, or

F1c

becomes a person who lacks capacity (within the meaning of the Mental Capacity Act 2005) to carry on the activities covered by the licence.

F21A

A licence terminates if the licensee gives the OFT a notice under subsection (1B).

1B

A notice under this subsection shall—

a

be in such form as the OFT may by general notice specify;

b

contain such information as may be so specified;

c

be accompanied by the licence or give reasons as to why it is not accompanied by the licence; and

d

be signed by or on behalf of the licensee.

2

In relation to a licence held by one individual, or a partnership or other unincorporated body of persons, or a body corporate, regulations may specify other events relating to the licensee on the occurrence of which the licence is to terminate.

3

Regulations may—

a

provide for the termination of a licence by subsection (1) F3or (1A) , or under subsection (2), to be deferred for a period not exceeding 12 months, and

b

authorise the business of the licensee to be carried on under the licence by some other person during the period of deferment, subject to such conditions as may be prescribed.

4

This section does not apply to group licences.