valid at the beginning of the year for which the annual
licence fee is due and payable;
(ii) pays the annual licence fee in accordance with
subregulation (2), unless earlier revoked, cease to be
valid at the end of 5 years.
(4) A game of chance licence is not transferable.
9.
by-
(1) An application for a game of chance licence shall be accompanied
(a) subject to subregulation (5), the fees set out in the Schedule;
(b) a deposit furnished in the manner specified in subregulation
(2) of such sum, not exceeding R1,000,000 as may be
determined by the Authority, as security for the satisfaction of
any judgment against the holder of the licence in relation to any
act or omission connected with the licence in relation to any act
or omission connected with the licence or for the performance of
any obligation of the holder in respect of any winnings of any
game of chance;
(c) documents to the satisfaction of the Authority that the
applicant has in its employment as manager and senior staff
persons who are honest, trustworthy and reliable.
(2) A deposit under subregulation (1)(b) may be furnished(i) in cash;
(ii) by a bank guarantee;
(iii) by a policy of insurance.
(3) Where a holder of a licence fails to satisfy any judgment or perform
an obligation referred to in subregulation (1)(b), the Authority may, where the
deposit is in cash, apply the deposit or, where the deposit is by bank guarantee or
by a policy of insurance, require the bank or the insurer, to satisfy the judgment
or perform the obligation.
(4) Where by the application of subregulation (3) the deposit at any time
falls short of the sum for which the deposit is furnished under subregulation
(1)(b), the Authority may require the holder of the licence to furnish an additional
deposit so as to make up the short fall.
(5) A person who was the holder of a game of chance licence and who
applies, after the expiration of the licence, for a game of chance licence shall,
unless the Authority is satisfied that he had, during the period between the
expiration of his previous licence and his application, ceased to carry on the
activity for which he was previously licensed, be liable, in addition to the licence
fee and any other penalty under the Act to a surcharge equal to 10% of the