4. Meaning of }licence holder~ in most regulations
In these regulations, other than regulations 7 and 16 ¾
}licence holder~ in relation to ¾
(a) a licence held by a firm, means the firm and each natural person by whom the firm is constituted and each person concerned in the management and conduct of any body corporate by which the firm is constituted; and
(b) a licence held by a body corporate, means the body corporate and each person concerned in the management and conduct of the body corporate.