9Fit and proper person

9 Fit and proper person

9 Fit and proper person

For the purposes of the Act, section 16(5), a person is not a fit and proper person in the following circumstances—

(a) the person is a natural person or trustee who—

(i) has, in the last 10 years, been found guilty of an offence involving fraud or dishonesty, whether in New South Wales or elsewhere, or

(ii) has been convicted of an offence against the Act or this Regulation, or

(iii) has become bankrupt, applies to take the benefit of a law for the relief of bankrupt or insolvent debtors, compounds with the person’s creditors or makes an assignment of the person’s remuneration for the benefit of 1 or more of the person’s creditors, or

(b) the person is a corporation and—

(i) a person who is a director of the corporation or otherwise concerned in the management of the corporation would not be a fit and proper person under the Act or this Regulation, or

(ii) the corporation becomes insolvent, is placed in liquidation or under external administration or is wound up.