Diamonds Act, 1986 (Act No. 56 of 1986)Chapter IV : Licences and Permits34. Applications by natural persons for transfer of licences |
| 1) | Any natural person who desires to transfer his licence to a company or close corporation shall apply to the Regulator in writing for its approval of such transfer. |
| 2) | A licensee who has applied in terms of subsection (1) for the Regulator's approval shall furnish such additional particulars in connection with his application as the Regulator may require. |
| 3) | The Regulator shall not grant its approval for the transfer of a licence to a company or close corporation if it is of the opinion – |
| a) | that the licensee concerned does not hold the controlling interest in the company or close corporation; |
| b) | that, in the case of the company, any director thereof or, in the case of the close corporation, any member thereof is not a suitable person to carry on the activities authorised by the licence, or to be involved in such activities; or |
| c) | that an interest which any person has in the company or close corporation is undesirable. |
| 4) | If the Regulator – |
| a) | grants its approval for a transfer referred to in subsection (1), the chief executive officer of the Regulator shall endorse on the licence such alterations as are necessary as a result of the transfer; or |
| b) | refuses its approval for the transfer, the chief executive officer of the Regulator shall notify the licensee in writing of the decision of the Regulator. |