(1) On the grant of new licences, the person who was the holder of the licences last in force (the former licences ) is entitled to be paid an amount equal to the licence value of the former licences or the premium payment paid by the new licensee, whichever is the lesser.
(2) The person who was the holder of the former licences is entitled to the payment under subsection (1) whether or not the person was, or was entitled to be, an applicant for the new licences.
(3) Subsection (1) does not apply if the holder of the former licences has been wound up.
S. 4.3.13 amended by No. 44/2014 s. 33(Sch. item 14).