New South Wales Consolidated Acts

MOTOR VEHICLES (THIRD PARTY INSURANCE) ACT 1942 - SECT 22

22 Change of ownership of trader’s business

(1) Every third-party policy in relation to motor vehicles to which a trader’s plate issued in respect of any business is affixed shall enure in favour of the person who for the time being is carrying on such business and the driver of any such motor vehicle, notwithstanding any change in the ownership of such business, but shall cease to have effect when another third-party policy in relation to motor vehicles to which that trader’s plate is affixed comes into force, except in relation to any liability, whether under the policy or under this Act, accrued or incurred before such other third-party policy came into force.

(2) The regulations may require that as soon as practicable after the sale or other disposal of any business in respect of which a trader’s plate is in issue:

(a) the former owner of the business shall give a notice in the prescribed form to the Government Insurance Office,

(b) the new owner of the business shall give a notice in the prescribed form to the Government Insurance Office.