s 5 Licences: general.
(1) A licence may be granted to a company authorising it to provide air traffic services in respect of a managed area. (2) A licence— (a) may be granted in respect of air traffic services of one or more specified descriptions; (b) may be granted in respect of one or more specified areas (any of which may consist of all or part of a managed area). (3) A licence is not valid unless it is in writing. (4) A licence is not valid unless it is granted to a company ... that is limited by shares. (5) A licence continues in force for the period specified in it or determined by or under it, unless it previously ceases to have effect in accordance with its provisions. (6) A licence may not be transferred.