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Section 48
Transferable
(1) A licensee may sell or transfer his industry or shares in that industry in whole or in part in accordance with prevailing laws.
(2) Notwithstanding anything written in sub-section (1), if fifty percent or more shares are to be sold or transferred in any other manner, the approval of the authority shall be obtained.
(3) If the industry is transferred in accordance with sub-section (1), the terms of the agreement between the authority and the relevant licensee at the time of establishment of the industry shall be deemed to remain unchanged in relation to the person who acquires ownership from such transfer.
(2) Notwithstanding anything written in sub-section (1), if fifty percent or more shares are to be sold or transferred in any other manner, the approval of the authority shall be obtained.
(3) If the industry is transferred in accordance with sub-section (1), the terms of the agreement between the authority and the relevant licensee at the time of establishment of the industry shall be deemed to remain unchanged in relation to the person who acquires ownership from such transfer.