16. (1) Subject to subsection (2), where a company holds a licence, in the event of a change in control of the company—

(a) the licence stands revoked from the date of the change in control, and

(b) the company shall notify in writing the Authority of the change in control and return the licence to the Authority with the notification, not later than 14 days from the date of change in control of the company.

(2) Where there is a change in control of a company which holds a licence arising from the death of a member of the company subsection (1) does not apply.

(3) A company who fails to comply with subsection (1)(b) commits an offence and is liable on summary conviction to a class A fine.

(4) In this section “change in control”, in relation to a company, means—

(a) a change in the person who controls the company (within the meaning of section 432(2) of the Taxes Consolidation Act 1997), or

(b) the acquisition or disposal in one transaction or a series of transactions of shares in the company amounting in value to half, or more, of those issued by the company.