New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 14

14 Eligibility for a licence or certificate of registration

(1) An individual is eligible to hold a licence only if the Secretary is satisfied that the individual--

(a) is at least 18 years of age, and

(b) is a fit and proper person to hold a licence and each person with whom the individual is in partnership in connection with the business concerned is a fit and proper person to hold a licence, and

(c) has the qualifications required for the issue of the licence or class of licence, and

(d) is not a disqualified person, and

(e) has paid such part of any contribution or levy payable under Part 10 (Compensation Fund) as is due and payable on the granting of the licence.

(2) A corporation is eligible to hold a corporation licence only if the Secretary is satisfied that--

(a) the corporation is a fit and proper person to hold a licence, and

(b) each director of the corporation is a fit and proper person to hold a licence, and

(c) the corporation, and each officer (within the meaning of the Corporations Act) of the corporation, is not a disqualified person, and

(d) at least one of the directors of the corporation holds a licence that a natural person is required to hold to carry on the business that the corporation carries on or proposes to carry on, and

(e) the corporation has paid such part of any contribution or levy payable under Part 10 (Compensation Fund) as is due and payable on the granting of the licence.

(3) A person is eligible to hold a certificate of registration only if the Secretary is satisfied that the person--

(a) is an individual who is at least 16 years of age, and

(b) is a fit and proper person to hold a certificate of registration, and

(c) has the qualifications required for the issue of a certificate of registration of the type concerned, and

(d) is not a disqualified person.

Note : The grounds of disqualification in section 16 (1A) do not disqualify a person from eligibility to hold a certificate of registration.

(4) The requirement that at least one of the directors of a corporation holds a licence that a natural person is required to hold to carry on the business that the corporation carries on or proposes to carry on does not require a director to be accredited as an auctioneer under section 21 merely because the corporation carries on or proposes to carry on the business of an auctioneer.