SCHEDULES
SCHEDULE 13Ownership of licensed bodies
Part 5Enforcement
Records of decisions
Power to notify Board where share limit or voting limit breached
I149
I41
This paragraph applies if the relevant licensing rules make the provision mentioned in paragraph 38(1)(a) or (b).
I42
The licensing authority may, if it considers it appropriate to do so in all the circumstances of the case, notify the Board where a non-authorised person acquires—
a
a shareholding in a licensed body or parent undertaking of a licensed body which exceeds the share limit, or
b
an entitlement to exercise, or control the exercise of, voting rights in a licensed body or parent undertaking of a licensed body which exceeds the voting limit.
I43
If the licensing authority proposes to make a notification under sub-paragraph (2), it must give the person and the licensed body a warning notice.
4
The warning notice must—
I4a
specify the reasons for the proposed notification, and
I3b
state that representations may be made to the licensing authority within the prescribed period.
I35
The licensing authority must consider any representations made within the prescribed period.
I46
If the licensing authority notifies the Board under sub-paragraph (2), it must give the person concerned and the licensed body a copy of the notification and a notice stating the reasons for the notification.
I47
If the share limit or voting limit is breached in relation to a parent undertaking of a licensed body, references in sub-paragraphs (3) and (6) to the licensed body include the parent undertaking.
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I51
The person concerned and the licensed body may before the end of the prescribed period appeal to the relevant appellate body against the notification.
I62
The relevant appellate body may—
a
dismiss the appeal, or
b
allow the appeal and order the person's name to be removed from the list kept by the Board under paragraph 51.
I53
A party to the appeal may before the end of the prescribed period appeal to the High Court on a point of law arising from the decision of the relevant appellant body, but only with the permission of the High Court.
I64
The High Court may make such order as it thinks fit.
5
The licensing authority must notify the Board of the outcome of any appeal under this paragraph, and give the person concerned and the licensed body a copy of the notification.
6
If the share limit or voting limit is breached in relation to a parent undertaking of a licensed body, references in sub-paragraphs (1) and (5) to the licensed body include the parent undertaking.