Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1145

1145. (1) Where a body corporate applies for a futures brokers licence or a
futures advisers licence, this section applies, subject to sections 1200 and
1202 and the regulations.

(2) The Commission shall grant the licence if:

   (a)  the application was made in accordance with section 1144;

   (b)  the Commission is satisfied that the applicant is an eligible
        corporation;

   (c)  the applicant is not an externally-administered body corporate;

   (d)  if the application is for a futures brokers licence-the applicant is a
        member of a futures organisation;

   (e)  the Commission is satisfied that the educational qualifications and
        experience of each responsible officer of the applicant are adequate
        having regard to the duties that the officer would perform in
        connection with the holding of the licence; and

   (f)  the Commission has no reason to believe that the applicant will not
        perform efficiently, honestly and fairly the duties of a holder of a
        licence of the kind applied for.

(3) Otherwise, the Commission shall refuse the application.

(4) In determining whether or not it has reason to believe as mentioned in
paragraph (2) (f), the Commission shall have regard, in relation to each
responsible officer of the applicant, to:

   (a)  whether or not the officer is an insolvent under administration;

   (b)  any conviction of the officer, during the 10 years ending on the day
        of the application, of serious fraud;

   (c)  any reason the Commission has to believe that the officer is not of
        good fame and character; and

   (d)  any reason the Commission has to believe that the officer will not
        perform efficiently, honestly and fairly the duties that the officer
        would perform in connection with the holding of the licence.

(5) Nothing in subsection (4) limits the matters to which the Commission may
have regard:

   (a)  in deciding on an application for a licence; or

   (b)  in connection with performing or exercising any other function or
        power under this Part.