Eligibility for licence
8 Eligibility for licence
A natural person is eligible to hold a licence only if the Secretary is satisfied that the person—
is at least 18 years of age, and
is a fit and proper person to hold a licence, and
each person with whom the person is in partnership in connection with the business concerned is a fit and proper person to hold a licence, and
has the qualifications required for the issue of the licence, and
is not a disqualified person, and
has paid the application fee required by section 12.
A corporation is eligible to hold a corporation licence only if the Secretary is satisfied that—
the corporation is a fit and proper person to hold a licence, and
each director of the corporation is a fit and proper person to hold a licence, and
no director or executive officer (within the meaning of the Corporations Act) of the corporation is a disqualified person, and
the corporation is not a disqualified person, and
at least one of the directors of the corporation holds a licence that a natural person is required to hold to carry on the business that the corporation carries on or proposes to carry on, and
the corporation has paid the application fee required by section 12.
This Act’s bill:Explanatory memorandumSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.