South Australian Numbered Acts

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5—Amendment of section 7—Entitlement to be registered

        (1)         Section 7(2)—after paragraph (a) insert:

            (ab)         no director of the company is a prescribed person; and

        (2)         Section 7(3)—delete subsection (3) and substitute:

        (3)         A company is not entitled to be registered as a conveyancer unless the constitution of the company contains stipulations so that—

            (a)         the sole object of the company must be to carry on business as a conveyancer; and

            (b)         the majority of the directors of the company must be natural persons who are registered conveyancers (but where there are only 2 directors 1 may be a registered conveyancer and the other may be a person who is not a registered conveyancer and nothing in this paragraph prevents a constitution providing that all directors of a company must be registered conveyancers); and

            (c)         no director of the company may be a prescribed person; and

            (d)         the majority of voting rights exercisable at a meeting of the members of the company must be held by registered conveyancers who are directors or employees of the company (but nothing in this paragraph prevents a constitution providing that all such rights must be held by registered conveyancers); and

            (e)         no share in the capital of the company, and no rights to participate in distribution of profits of the company, may be owned beneficially by a prescribed person.

        (4)         For the purposes of this section, a person is a "prescribed person if the person is—

            (a)         a land agent; or

            (b)         a financier; or

            (c)         a close associate of a land agent or financier,

other than where the land agent, financier or close associate is also—

            (d)         a registered conveyancer; or

            (e)         a prescribed relative of a registered conveyancer who is a director of the particular company seeking registration under this section.

        (5)         In this section—

"financier" means a person who carries on a business that consists of or involves—

            (a)         mortgage financing; or

            (b)         lending money for the purchase of land;

"land agent" means an agent or a sales representative within the meaning of the Land Agents Act 1994.

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