Section 49: Market transfer

(1) A market transfer of a wildlife use right shall be undertaken in the prescribed form and on payment of a fee prescribed by the Authority. (2) Prior to undertaking a market transfer, the proposed transferor and transferee shall inform the Authority of their intention to transfer a wildlife use right and may request the Authority to inform them whether it intends to object to the transfer and the variations, if any, to the existing wildlife use right the Authority is likely to make to the wildlife use right on its transfer. (3) The Authority shall, within thirty days of the receipt of the information and request referred to in subsection (1) or such longer period as may be agreed upon between the Authority and the parties, reply to the request giving the information sought by the parties. (4) Where the Authority informs the parties that it intends to object to the market transfer, the parties may, if they wish to continue to undertake a transfer, submit an application for a permitted transfer to the Authority, and the procedures in section 48 shall apply to that application. (5) Where the Authority informs the parties that it proposes to make one or more variations to the wildlife use right, which is proposed to be transferred, the parties may request the Authority to reconsider the proposal and any such reconsideration shall follow, as near as may be, the provisions of sections 41(2), (3) and (5). (6) Where, after a reconsideration requested under subsection (5), the parties are not satisfied with the proposals of the Authority, the matter may be referred to arbitration, in accordance with the Arbitration and Conciliation Act. (7) A market transfer shall, within sixty days of the signing of the transfer documents by the transferor and the transferee, the purpose of which is to transfer a wildlife use right from the transferor to the transferee, be registered by the Authority in a register maintained specifically for the purpose by the Authority. (8) Until a market transfer is registered in accordance with subsection (7), it shall have no legal or other validity, and the rights and liabilities of the parties to the transfer in respect of the wildlife use right, the subject of the market transfer, shall remain unaltered by any document that the parties have signed and shall be governed by section 47(5) and (6). (9) Where the parties to a market transfer have signed transfer documents, the purpose of which is to transfer a wildlife use right from the transferor to the transferee and within fourteen days of the signing of the documents have submitted all necessary forms and fees to the Authority for the purpose of obtaining the registration of the transfer, the Authority shall take steps as are necessary and are required to enable the parties to register the transfer within the time required. (10) Where the parties to a market transfer have submitted all necessary forms and fees in accordance with the time frame set out in subsection (9) but, through the negligence or other fault of the Authority or any of its officers, the transfer is not registered within the required period and the parties or any of them suffer loss, the Authority shall be liable for the loss suffered as a result of the failure to register the transfer within the required period, and shall, accordingly, compensate the concerned parties.