Firms, licensing of
28 Firms, licensing of
Subject to this Act, 2 or more persons constituting a firm who apply to the Commissioner for a licence and pay to the Commissioner the prescribed fee for the licence shall be granted and may hold a licence if the Commissioner is satisfied that —
all of the natural persons, if any, by whom the firm is constituted and all of the directors of, and all of the persons concerned in the management or control of, any body corporate by which the firm is constituted are persons of good character and repute and are persons fit to be concerned as directors of, or in the management and control of, an agent’s business; and
the persons by whom or by which the firm is constituted have sufficient material and financial resources available to them to enable them to comply with the requirements of this Act; and
where the firm is constituted by not more than 3 persons at least one of them is licensed or where the firm is constituted by more than 3 persons at least 2 of them are licensed; and
the person in bona fide control of the business operated under the licence is licensed.
[Section 28 amended: No. 58 of 2010 s. 134.]
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