Prescribed circumstances of cancellation of licence not preventing the making of a valid application
9 Prescribed circumstances of cancellation of licence not preventing the making of a valid application
For the purposes of section 18(1)(a)(ii) and (b)(ii) of the Act, the prescribed circumstances are that the holder of the cancelled or refused licence (as the case may be) was a corporation and, because of a genuine sale, the following requirements apply in respect of the corporation—
no person who at the time of the cancellation or refusal was a shareholder of, or held a beneficial interest in, the corporation is a shareholder of, or holds a beneficial interest in, the corporation, at the time of the application for a licence;
no person who at the time of the cancellation or refusal was in a position to control or influence the affairs of the corporation is, at the time of the application for a licence, in a position to control or influence the affairs of the corporation.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.