73. The licence of a partnership or legal person ceases to have effect 90 days after the date on which the guarantor ceases to act in that capacity. In the case of the death of the guarantor, the period is increased to 120 days.
However, that partnership’s or legal person’s licence remains in force if another guarantor is responsible for managing activities in the same area as that for which the knowledge or experience of the guarantor referred to in the first paragraph was recognized.
In addition, where a licence includes several subclasses and the guarantor referred to in the first paragraph was the sole person responsible for one of them, only that subclass ceases to have effect if another person acts as a guarantor for each of the other subclasses and is responsible for managing the activities in every other skill area.
1985, c. 34, s. 73; 1999, c. 40, s. 37; 2005, c. 22, s. 47; 2018, c. 13, s. 241.