(1) This section applies where a body corporate applies for a licence. (2) ASIC must grant the licence if:

(a)

the application was made in accordance with section 1144; and

(c)

the applicant is not an externally-administered body corporate; and

(d)

if the application is for a futures brokers licence—the applicant is a member of a futures organisation; and

(e)

ASIC 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)

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

(a)

whether or not the officer is an insolvent under administration; and

(b)

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

(c)

any reason ASIC has to believe that the officer is not of good fame and character; and

(d)

any reason ASIC 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.