(1) The chief executive may issue or refuse to issue a licence to an applicant.
(2) The chief executive may issue a licence to an applicant only if the chief executive is satisfied that—
(a) the applicant is eligible to hold the licence; and
(b) the applicant is a suitable person to hold a licence; and
(c) if the applicant is a corporation—each executive officer of the corporation is a suitable person to hold a licence; and
(d) if the applicant intends performing activities under the licence in partnership or with others—each member of the partnership, or each person with whom the applicant intends performing activities under the licence, is a suitable person to hold a licence.
(3) If the chief executive decides to refuse to issue the licence, the chief executive must give the applicant written notice of the decision within 14 days after the day the decision is made.