36. Return of a License Where applicable, a Licensee whose License has been revoked in accordance with Article 33 of this Directive shall return the License to the Authority within ten (10) working days. 37. Lost License 1) Where applicable, if the Licensee has lost its License, it shall immediately notify the Authority of this fact in writing. 2) Where applicable, the Licensee shall submit an application for a replacement License accompanied by all documents as may be required by the Authority together with the prescribed fee. PART SEVEN PROCEDURES FOR TRANSFER OF LICENSE AND SHARES 38. Transfer or Re-assignment of a License 1) A Licensee shall not transfer or re-assign a License issued under this Directive without the written consent of the Authority. 2) The Authority may, when considering an application for the transfer or reassignment, consider the same requirements and terms as if considering an application for the issuance of a new License. 3) The Authority shall communicate its Decision on an application for the transfer or re-assignment of a License to an Applicant within thirty (30) working days of receipt of the application stating the reasons for the Decision. 4) Where a Licensee applies for transfer or re-assignment of its License, it shall pay any outstanding fees due to the Authority. 39. Change in Shareholding 1) A Licensee shall seek the Authority’s approval before consummating any proposed change in ownership, merger, or control of the License if the change in shareholding would increase the percentage holding of a shareholder already holding, or who, as a result of such sale or transfer, would hold (directly or indirectly), twenty-five percent (25%) or more of the issued shares then in issue having voting or economic rights in the Licensee. 2) The Authority shall notify the Applicant of its acceptance or refusal, stating the reasons for its Decision, within thirty (30) working days of receipt of the request for consent. 3) Where the Authority determines that the acquisition of ownership or control of the License is likely to lead to anti-competitiveness in that segment of the Telecommunications market, the Authority shall refuse the change in shareholding and notify the Applicant in writing, providing the reasons for the refusal. 15