Grant of licence
17 Grant of licence
Subject to this Act, the Commissioner must, on application under section 15, grant a licence to an applicant if satisfied that—
in the case of an applicant who is a natural person, the applicant—
is a fit and proper person to be the holder of the licence;
and
has sufficient financial resources for the purpose of properly carrying on business under the licence; and
in the case of an applicant that is a body corporate—
the body corporate is a fit and proper person to be the holder of the licence; and
each director of the body corporate is a fit and proper person to be the director of a body corporate that is the holder of a licence;
and
the body corporate has sufficient financial resources for the purpose of properly carrying on business under the licence; and
each person to be specified as a responsible person under subsection (2)(b) is a fit and proper person to be a responsible person.
The Commissioner must, in granting a licence under subsection (1), specify—
the number of responsible persons required for the licence;
and
the name of each person authorised to be a responsible person for the purposes of the licence.
The Commissioner may issue to a person evidence, in a manner and form determined by the Commissioner, that the person is the holder of a licence.
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