Consideration of person’s associates
152 Consideration of person’s associates
For the purpose of forming an opinion as to whether a person is a fit and proper person, the Commissioner may have regard to whether any other person with whom the person associates or who is a close associate of the person is a fit and proper person.
Persons are close associates for the purpose of this section if —
one is a relative of the other; or
they reside together; or
they are in partnership; or
they are related bodies corporate as defined in the Corporations Act 2001 (Commonwealth) section 9; or
one is a body corporate and the other is an officer of the body corporate; or
one is a body corporate (other than a public company whose shares are listed on a stock exchange) and the other is a shareholder in the body corporate; or
one is a trustee of a trust and the other is a beneficiary of the trust or, in the case of a discretionary trust, an object of the trust; or
one has a right to participate, or participates, (otherwise than as a shareholder in a body corporate) in income or profits derived from a business conducted by the other; or
one is in a position to exercise, or exercises, control or significant influence over the conduct of the other.
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