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(1) A licence granted under the Act shall not be transferable except with the written approval of the Board; ·

(2) For the purpose of sub-regulation (1 ), the transfer of shares in a licensee company that will not result in Change Of Control of that company and Would not cause the licensee to be in violation of any terms in its licence relating to ownership or structure does not require prior approval of the Board except that the Authority must be notified of the transfer;

(3) Non-compliance with sub-regulations (1) and (2) shall result in the cancellation of the licence by the Board after the procedure set out in regulations 118, 119 and 120 have been followed.