Barrister AI
All legislation
SAAct
In force
This is the latest official compilation.Check the official source →
s 17

Grant of licence

In force
Part 4Licences
Division 1Application and grant

17 Grant of licence

(1)

Subject to this Act, the Commissioner must, on application under section 15, grant a licence to an applicant if satisfied that—

(a)

in the case of an applicant who is a natural person, the applicant—

(i)

is a fit and proper person to be the holder of the licence;

and

(ii)

has sufficient financial resources for the purpose of properly carrying on business under the licence; and

(b)

in the case of an applicant that is a body corporate—

(i)

the body corporate is a fit and proper person to be the holder of the licence; and

(ii)

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

(iii)

the body corporate has sufficient financial resources for the purpose of properly carrying on business under the licence; and

(c)

each person to be specified as a responsible person under subsection (2)(b) is a fit and proper person to be a responsible person.

(2)

The Commissioner must, in granting a licence under subsection (1), specify—

(a)

the number of responsible persons required for the licence;

and

(b)

the name of each person authorised to be a responsible person for the purposes of the licence.

(3)

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.

Research tools for this sectionPro

The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.