| (1) | Subject to such terms and conditions as may be stipulated on a licence, the holder of a precious metal beneficiation licence may do the following: |
| (a) | Buy or receive unwrought or semi-fabricated precious metals in any form from any person authorized under this Act to sell, deal in or dispose of unwrought or semi-fabricated precious metal; |
| (b) | make up, change the form of or add value in any other manner to any unwrought or semi-fabricated precious metal in his or her lawful possession; and |
| (c) | dispose of any unwrought or semi-fabricated precious metal in his or her lawful possession. |
| (2) | Subject to such terms and conditions as may be stipulated on a licence, the holder of a precious metal beneficiation licence must do the following: |
| (a) | Conduct any activity authorized by the licence on the premises or at the place described on the licence or described on any endorsement of that licence in terms of section 8(7) of the Act; |
| (b) | keep proper books of accounts in accordance with generally accepted accounting practice and submit a copy of its audited financial statements to the Regulator annually by not later than 90 days after the end of his or her business' financial year; and |
| (c) | keep a true and correct register of all unwrought and semi-fabricated precious metals deposited for safe-keeping, received, dispatched, or otherwise disposed of by the holder of the precious metals licence. |
[Regulation 10(2)(c) amended by regulation 2 of Notice No. R. 387 dated 4 April 2008]
