The holder of a full licence or of a transfer licence (the "old licence") may apply to the appropriate agency for the division of the holder's right to abstract water in accordance with the old licence and for the transfer—
of that right.
The holder of the old licence and any person proposing to carry on a part of the abstraction authorised by the old licence in place of the holder (a "successor") shall give notice to the appropriate agency of their agreement to the division and transfer (an "apportionment notice").
The apportionment notice shall, in relation to the abstraction authorised by the old licence—
and may specify the date on which the holder and the successor (or successors) wish the division and transfer (or transfers) to take effect.
The apportionment notice shall be accompanied by an application on the part of the holder of the old licence for its revocation.
Subject to subsection (9) below, if the appropriate agency receives an apportionment notice and the application for revocation referred to in subsection (4) above, the appropriate agency shall—
Sections 34 to 45 above shall not apply to the grant of a new licence under subsection (5) above.
Subject to section 46 above and to any provision of regulations made under section 59D(1) below, each new licence to be granted under subsection (5) above shall be granted subject to provisions which correspond as nearly as practicable to those of the old licence in relation to the part of the abstraction to be authorised by the new licence.
The revocation of the old licence and the grant of the new licences shall take effect—
The appropriate agency shall not grant a new licence to the holder of the old licence or to a successor if, by virtue of an exemption, the restriction on abstraction would not apply to that part of the abstraction proposed in relation to him in the apportionment notice.
For the purposes of this Chapter, a person (whether the holder of the old licence or a successor) who proposes to carry on a part of the abstraction in the circumstances mentioned in subsection (9) above shall, if the old licence was a full licence, be taken to have the right to do so in relation to that part, subject to subsection (11) below.
For the purposes of this Chapter, a person shall cease to be taken to have a right, by virtue of subsection (10) above, to carry on an abstraction if—
The period referred to in subsection (11)(a) above is—
For the purposes of section 39A above, a new licence granted under subsection (5) above shall be treated—
In this section—