25Licence of company or firm

25 Licence of company or firm A company or firm is eligible for the grant of a licence if the Board is satisfied that: (a) in the case of a company: (i) the company has the power to carry on business as an agent; and (ii) all of the directors of the company and all of the persons concerned in the management or control of the company are fit and proper persons within the meaning of section 20; and (b) each person who is proposed to be appointed by the company or firm as a business manager is a licensed agent; and (ba) if the application is for a real estate agent's licence, a business agent's licence or a conveyancing agent's licence: (i) the company or firm will, for the whole period of the licence, be insured under an approved indemnity insurance policy within the meaning of section 108A; or (ii) the company or firm is exempt under a regulation from the requirement under section 108B to be insured under an approved indemnity insurance policy within the meaning of section 108A; and (c) in the case of a firm, all of the persons by whom the firm is constituted and all of the persons concerned in the management or control of the firm are fit and proper persons within the meaning of section 20.