Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 784

784. (1) This section has effect where a body corporate applies for a licence.

(2) The Commission shall grant the licence if:

   (a)  the application was made in accordance with section 782;

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

   (c)  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

   (d)  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) (d), 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) A licence granted under a law corresponding to this section and in force
at the commencement of this Part shall be deemed to have been granted under
this section.