(1) No person who possesses arms or ammunition in accordance with a valid permit granted under section 2 shall at any time sell, dispose or part with the possession of those arms or ammunition to any other person until-

(a) he has applied in writing to the Inspector-General of Police for permission to do so; and

(b) the Inspector-General of Police has granted such permission, subject to such conditions as he thinks fit.

(2) Where the Inspector-General of Police grants permission in accordance with subsection (1), the holder of the permit shall surrender it to the issuing authority who shall thereupon re-register the arms or ammunition in the name of the new holder thereof, amend the permit accordingly, and deliver the permit to the new holder.

(3) A permit delivered to a new holder in accordance with subsection (2) shall continue in force in accordance with its original terms and such additional conditions as the Inspector-General of Police may impose, and shall continue in force until the date of expiry originally specified therein.