Bodies corporate, licensing of
29 Bodies corporate, licensing of
Subject to this Act, a body corporate which applies to the Commissioner for a licence and pays 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 directors of the body corporate, and all of the persons concerned in the management or conduct of the body corporate, 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
it has sufficient material and financial resources available to it to comply with the requirements of this Act; and
unless for good cause shown by the applicant the Commissioner otherwise determines, where there are not more than 3 directors of the body corporate at least one of them is licensed or where there are more than 3 directors of the body corporate at least 2 of them are licensed; and
the person in bona fide control of the business operated under the licence is licensed.
[Section 29 amended: No. 58 of 2010 s. 134; No. 25 of 2019 s. 42.]
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