(2) Applicable in the case of the death of the licensee shall be §46 of the Industrial Code. Competent authority within the meaning of §46(3) of the Industrial Code shall be the Regulatory Authority. Where the business is to be continued by a representative, the Regulatory Authority shall be informed without undue delay.
(3) Where a licence is granted to a corporation, any party acquiring shares or interests in the corporation and consequently holding more than ten per cent of that corporation’s shares or interests shall notify the Regulatory Authority without undue delay.