National Consumer Credit Protection Act 2009
For the purposes of paragraph 37(1)(c) , subsection 46A(2) and paragraph 55(1)(c) , the requirement in this section is satisfied in relation to a person (the first person ) and a licence, or a proposed licence, if ASIC is satisfied that there is no reason to believe any of the following:
(a) that the first person is not a fit and proper person to engage in the credit activities authorised by the licence;
(b) if the first person is a body corporate - that an officer (within the meaning of the Corporations Act 2001 ) of the first person is not a fit and proper person to perform one or more functions as an officer of a person that engages in the credit activities authorised by the licence;
(c) if the first person is a partnership or the multiple trustees of a trust:
(i) that any of the partners or trustees are not fit and proper persons to engage in the credit activities authorised by the licence; or
(ii) that any of the senior managers of the partnership or the trust are not fit and proper persons to perform one or more functions as an officer (within the meaning of the Corporations Act 2001 ) of a person that engages in the credit activities authorised by the licence;
(d) that any person who controls the first person is not a fit and proper person to control a person that engages in the credit activities authorised by the licence;
(e) if a controller mentioned in paragraph (d) is a body corporate - that an officer (within the meaning of the Corporations Act 2001 ) of the controller is not a fit and proper person to perform one or more functions as an officer of an entity (as defined by section 64A of that Act) that controls a person that engages in the credit activities authorised by the licence;
(f) if a controller mentioned in paragraph (d) is a partnership or the multiple trustees of a trust:
(i) that any of the partners or trustees are not fit and proper persons to control a person that engages in the credit activities authorised by the licence; or
(ii) that any of the senior managers of the partnership or the trust are not fit and proper persons to perform one or more functions as an officer (within the meaning of the Corporations Act 2001 ) of an entity (as defined by section 64A of that Act) that controls a person that engages in the credit activities authorised by the licence.
37A(2)
In considering whether a person is fit and proper for a purpose mentioned in subsection (1), ASIC must have regard to the matters in section 37B .
View history note
Hide history note
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
