Document ID: chunk:federal_register_of_legislation:C2025C00179:section:72
Version: federal_register_of_legislation:C2025C00179
Segment Type: section
Provision Reference: s 72
Character Range: 111525–112640

72  Financial security for a transferred licence
 (1) This section applies to a licence if:
 (a) there is a management plan for the licence; and
 (b) an application has been made under section 69 for the licence to be transferred from the licence holder (the transferor) to another eligible person (the transferee); and
 (c) any of the following apply:
 (i) the Minister is considering whether to transfer the licence;
 (ii) the Minister has decided to transfer the licence;
 (iii) the transfer has occurred.
 (2) The licensing scheme may require both:
 (a) the transferor; and
 (b) the transferee;
to comply with sections 117 and 118 (financial security) in relation to the licence.
 (3) The licensing scheme may provide for the transferor's obligations under sections 117 and 118:
 (a) to cease, in whole or part, after the transferee has complied with equivalent obligations; or
 (b) to continue, in whole or part, for any period during which the licence remains in force (including as a result of an extension of the end day of the licence under this Chapter).

Division 3—Cancelling and surrendering licences