Div 5Applications and criteria for determination of applications

Division 5—Applications and criteria for determination of applications 21—Applications (1) The following applications may be made to the Commissioner: (a) an application for the grant, renewal or transfer of a licence; (b) an application for the Commissioner's approval or ratification of a transaction to which Division 3 applies (other than the transfer of a licence); (c) an application for the Commissioner's approval of a transaction to which Division 3 would apply if the transaction were entered into; (d) an application for the Commissioner's approval of a person to become a designated person in relation to a licensee. (2) An application— (a) must be in the form required by the Commissioner; and (b) must be supported by the information required by the Commissioner verified, if the Commissioner so requires, by statutory declaration; and (c) must be made as follows: (i) in the case of an application for the Commissioner's approval of a transfer of a licence—the application must be made jointly by the proposed transferor and transferee; (ii) in the case of an application for the Commissioner's approval or ratification of a transaction to which Division 3 applies or would apply if the transaction were entered into (other than the transfer of a licence)—the application must be made by the licensee or one or more of the parties to the transaction; (iii) in the case of an application for the Commissioner's approval of a person to become a designated person in relation to a licensee—the application must be made by the licensee. (3) If a change of circumstances occurs after an application is made but before it is determined, the applicant must immediately give the Commissioner full details of the change. (4) An application may be withdrawn by the applicant, or any of the applicants, before the application is determined. 22—Determination of applications (1) The Commissioner must not recommend grant or renewal of a licence unless satisfied that the applicant is a suitable person to carry on the licensed business. (2) The Commissioner must not recommend transfer of a licence unless satisfied that the proposed transferee is a suitable person to carry on the licensed business. (3) If— (a) a transaction to which Division 3 applies results or might result in the acquisition by a person other than the licensee of power to conduct, or to control or exercise significant influence over the conduct of, a licensed business; or (b) a transaction to which Division 3 would apply if the transaction were entered into would or might result in the acquisition by a person other than the licensee of power to conduct, or to control or exercise significant influence over the conduct of, a licensed business, the Commissioner must not approve or ratify the transaction unless satisfied that the person is or would be a suitable person to exercise the relevant power. (4) The Commissioner must not approve a person to become a designated person in relation to a licensee unless satisfied that the person is a fit and proper person to become a designated person in relation to the licensee. (5) In assessing the suitability of a person, the Commissioner may have regard to— (a) the corporate structure of the person; and (b) the person's financial background and resources; and (c) the person's reputation; and (d) the character, reputation, and financial background of the person's close associates; and (e) any representations made by the Minister; and (f) any other matters the Commissioner thinks fit. (6) If the Commissioner approves a transaction to which Division 3 would apply if the transaction were entered into, the approval has effect for the purposes of Division 3 in relation to the transaction when it is entered into.