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(5) The Authority may either
grant an application under subsection (1),
with or without modification, or refuse
to grant it but, where the Secretary
has directed under subsection (3) that
section 14(3) shall apply, shall not do
so earlier than 40 days after the last
notice is published in a newspaper
pursuant to section 14(3)(b).
(6) If the Authority refuses to
grant an application (or any part thereof)
under subsection (5) he shall notify the
applicants and shall inform them of
the reasons for his refusal.
(7) Section 15(3) shall apply to
the exercise by the Authority of his
discretion under this section as it
applies to the exercise of his discretion
to grant or refuse a licence and section
15(3)(a) shall apply in relation to the
prospective transferee of the licence as
it applies to the applicant.
Second
Schedule.
(8) The Authority may grant an
application under subsection (5) on such
terms and conditions as he thinks fit
(including terms and conditions relating
to matters set out in the Second Schedule).