(1)A licence held by one individual terminates if he—
(a)dies, or
(b)is adjudged bankrupt, or
[F1(c)becomes a person who lacks capacity (within the meaning of the Mental Capacity Act 2005) to carry on the activities covered by the licence.]
[F2(1A)A licence terminates if the licensee gives the OFT a notice under subsection (1B).
(1B)A notice under this subsection shall—
(a)be in such form as the OFT may by general notice specify;
(b)contain such information as may be so specified;
(c)be accompanied by the licence or give reasons as to why it is not accompanied by the licence; and
(d)be signed by or on behalf of the licensee.]
(2)In relation to a licence held by one individual, or a partnership or other unincorporated body of persons, or a body corporate, regulations may specify other events relating to the licensee on the occurrence of which the licence is to terminate.
(3)Regulations may—
(a)provide for the termination of a licence by subsection (1) [F3or (1A)] , or under subsection (2), to be deferred for a period not exceeding 12 months, and
(b)authorise the business of the licensee to be carried on under the licence by some other person during the period of deferment, subject to such conditions as may be prescribed.
(4)This section does not apply to group licences.
Textual Amendments
F1S. 37(1)(c) substituted (1.10.2007) by Mental Capacity Act 2005 (c. 9), ss. 67(1), 68, Sch. 6 para. 21; S.I. 2007/1897, art. 2(1)
F2S. 37(1A)(1B) inserted (16.6.2006 for certain purposes and otherwise 6.4.2008) by Consumer Credit Act 2006 (c. 14), ss. {34(8)}, 71(2); S.I. 2006/1508, art. 3(1), Sch. 1; S.I. 2007/3300, art. 3(2), Sch. 2
F3Words in s. 37(3)(a) inserted (6.4.2008) by Consumer Credit Act 2006 (c. 14), ss. {34(9)}, 71(2); S.I. 2007/3300, art. 3(2), Sch. 2
Modifications etc. (not altering text)
C1S. 37(1) amended by S.I. 1976/1002, reg. 3 (as substituted by S.I. 1981/614, reg. 2(b))