124. (1) This section applies where the holder of a licence (in this section referred to as the “proposed assignor”) wishes to assign the licence to another person (in this section referred to as the “proposed assignee”).

(2) The proposed assignor and the proposed assignee shall make a joint licence application to the MARA for the MARA’s consent in writing to the assignment and, in the case of such application, section 117 and the other provisions of this Part (including section 122) applicable to a licence application and its determination under section 119 shall, with all necessary modifications, apply accordingly.

(3) The assignment of a licence purporting to be effected without the consent referred to in subsection (2) shall be void.

(4) References in this Act to the grant of a licence shall include references to the assignment of a licence in any case where the licence has been assigned or reassigned in accordance with this section.