New South Wales Consolidated Acts

HOME BUILDING ACT 1989 - SECT 105K

105K Assignment of licences

(1) A licence holder may, with the approval of the Authority, assign its licence to another licence holder or to an insurer or provider to whom the Authority proposes to grant a licence.

(2) The Authority must not approve the assignment of a licence unless the Authority is satisfied that the proposed assignee is able to meet the past, present and future liabilities of the assignor--

(a) under any building cover contract in respect of which the assignor is the insurer or provider, and

(b) to the Home Building Operational Fund or a guarantee fund under Part 6A, and

(c) to any other licence holder.

(3) The Authority may approve the assignment subject to conditions and may, for that purpose, impose conditions on or revoke or vary conditions of the licence.

(4) This section does not apply to the Self Insurance Corporation.