s 86FB Acquisition of business of designated operating entity as going concern
86FB.—(1) A person must not, on or after the effective designation date, acquire as a going concern, a designated operating entity’s business of providing any essential transport service (or any part of such business) unless —(a) the person; and (b) the designated operating entity or, if the designated operating entity is a business trust, its trustee-manager, have obtained the prior written approval of the Authority. (2) An application for the Authority’s approval under subsection (1) must be —(a) made jointly by the persons mentioned in subsection (1)(a) and (b); and (b) made in such form and manner as the Authority may specify. (3) The Authority may approve an application under subsection (1) if the Authority is satisfied that —(a) the person acquiring the business or part is a fit and proper person; (b) where any of the essential transport service mentioned in subsection (1) is a licensed service — after the acquisition, the provision of the essential transport service will continue to be reliable, efficient, economical and safe (with reference to recognised international standards and any applicable conditions of licence, directions, codes or standards issued or set by the Authority); (c) in the case where after the acquisition, the designated operating entity continues to carry out part of the business mentioned in subsection (1) — the designated operating entity or, if the designated operating entity is a business trust, its trustee-manager, will continue to conduct the business of the designated operating entity prudently and comply with the provisions of this Act; and (d) it is in the public interest to do so. (4) The Authority may —(a) grant an approval under this section subject to any conditions that the Authority considers appropriate to impose; and (b) at any time add to, vary or revoke any condition so imposed. (5) This section has effect despite the provisions of any other written law or anything contained in the memorandum or articles of association, limited liability partnership agreement, partnership contract, trust deed or other constitution, of the designated operating entity. (6) Any person who contravenes subsection (1), or who fails to comply with any condition imposed under subsection (4), shall be guilty of an offence.[Act 20 of 2024 wef 01/04/2025]