Effect of corporate licensee changing its shareholding or beneficial ownership

(1) A licensee which is a corporate entity and which proposes to change its shareholding or beneficial ownership shall give prior notice to the Director who may agree to the issuance of a new licence provided that the circumstances that existed when the licence was initially granted have not changed. High Seas Fishing 43 (2) Where the circumstances that existed when the licence was initially issued have changed, the Director shall treat the notice as an application for a new licence. (3) Where prior notice as required under subregulation (1) is not received by the Director, the licence shall be deemed automatically cancelled on change of ownership. Third Schedule.