OpenLegislation

Regulation 33 Procedure where amount of winning bidder’s deposit is greater than or equal to the licence fee

Original text. Later amendments are not shown.

(1)

Where the amount of the winning bidder’s deposit (including the initial deposit and any sum paid as a deposit under regulation 29, but not including any sum forfeited under regulation 36) is greater than or equal to the amount of the licence fee calculated in accordance with regulation 30, OFCOM shall—

(a)

grant the winning bidder the licence; and

(b)

refund to the winning bidder a sum in pounds calculated in accordance with paragraph (2).

(2)

The sum which OFCOM shall refund to the winning bidder shall be the difference (if any) between the amount of the winning bidder’s deposit (including the initial deposit and any sum paid as a deposit under regulation 29, but not including any sum forfeited under regulation 36) and the amount of the licence fee calculated in accordance with regulation 30, but not any interest which has accrued on the deposit.