s 12 Transfer of licence
12.—(1) The Minister may approve the transfer of a licence —(a) on the application of the licensee and the intended transferee; and (b) in accordance with this section. (2) A licence may only be transferred to a Singapore company which —(a) is eligible under section 7 to be granted a licence; and (b) meets any other criteria that may be prescribed. (3) The Minister’s approval under this section may be given with or without conditions. (4) The transfer of a licence takes effect on —(a) the date on which the conditions (if any) for the Minister’s approval of the transfer are met; or (b) such other date as the Minister may specify. (5) Where the Minister has approved the transfer of a licence, the Minister may —(a) sponsor the new licensee’s application to the ISA for a corresponding ISA contract; and (b) issue a certificate of sponsorship to the new licensee. (6) The transfer of a licence does not affect any criminal or civil liability incurred by the original licensee.