Section 104: Cancellation of security

104. Cancellation of security (1) Where a licensee ceases to carry on business— (a) he may apply to the Authority for cancellation of the security furnished by him; or (b) the Authority may take such action as it thinks fit where no application is made under paragraph (a). (2) On receipt of an application under subsection (1), the Authority shall, at the expense of the applicant, by notice published in the Gazette and in 2 daily newspapers, request any person who claims to be entitled to a payment out of the amount of the security to give it notice of his claim within 3 months from the last publication of the notice. (3) The Authority may accept or reject a claim under subsection (2). (4) Where, after the expiry of the time specified under subsection (2)— (a) no claim has been received; or (b) any claim received has been withdrawn or rejected, the Authority shall give written notice to the bank and the applicant of the cancellation of the security. G2 – 49 [Issue 3] Gambling Regulatory Authority Act (5) Where the Authority accepts a claim under subsection (3), it shall, at the expiry of the time specified under subsection (2)— (a) realise the amount of the security in accordance with section 103; (b) pay the amount of the claim as accepted by it; and (c) refund to the bank any balance of the amount of the security remaining after making the payment under paragraph (b) and all other incidental expenses. (6) Any payment made by the Authority under subsection (5) shall operate as a valid discharge to the Authority and the Authority shall not be liable in respect of any claim by any person in connection with the payment. (S. 104 came into operation on 6 December 2007.) PART XXI – RECORDS, AUDITED ACCOUNTS AND ANNUAL REPORT