(1) In the event of the death of the holder of any licence, the executor or the administrator of the deceased person or any person approved by the magistrate, and in case of insolvency the trustee or receiver of such insolvent or any person authorised by the magistrate, may carry on the business on the licensed premises until the expiration of the licence either personally or by an agent approved by the magistrate without any formal transfer of the licence.
(2) Any person to whom a licence may have been transferred or who may be carrying on a business under the preceding section shall possess all the rights and be subject to all the duties, obligations and penalties of the original holder of the licence.