24BRegistration of building practitioner as building contractor

24B Registration of building practitioner as building contractor (1) After receiving an application made by an individual under section 24A(2), the Practitioners Board must register the individual as a building contractor in the sub-category or sub-categories specified in the application if satisfied the individual: (a) is a fit and proper person to be registered in each sub-category; and determined under section 24G(a) for each sub-category; and (c) currently holds, and during the period of registration will continue to hold, the net financial assets prescribed by regulation for each sub-category; and (d) has complied with any conditions for registration prescribed by (e) has paid any prescribed fee for registration. (2) After receiving an application made by a corporation under section 24A(3), the Practitioners Board must register the corporation as a building contractor in the sub-category or sub-categories specified in the application if satisfied: (a) at least one director, or a nominee, of the corporation: (i) is registered in each sub-category; and (ii) will provide adequate supervision of the building work carried out by the corporation; and Building Act 1993 20 (b) each director of the corporation who is not registered in a sub-category specified in the application would be a fit and proper person to be so registered if the director had applied personally for the registration; and (c) the corporation currently holds, and during the period of registration will continue to hold, the net financial assets prescribed by regulation for each sub-category; and (d) the corporation has complied with any conditions for registration prescribed by regulation; and (e) the corporation has paid any prescribed fee for registration. (3) Without limiting subsection (1)(d) or (2)(d), a regulation may prescribe a condition requiring the applicant for registration to hold an insurance policy of a type (which may include a professional indemnity policy) or for an amount, or both, determined under section 24G(c).