7Eligibility of corporations

7 Eligibility of corporations (1) For this Act, a corporation is an eligible person if— (a) each influential person of the corporation is an eligible person; and (b) if the corporation is a club—it is an eligible club; and (c) there is not a disqualifying ground in relation to the corporation. (2) Each of the following is a disqualifying ground for a corporation: (a) the corporation is, or at any time in the last 3 years has been, the subject of a winding-up order; (b) at any time in the last 3 years a controller or administrator has been appointed for the corporation;

(c) the corporation is the subject of an auditor’s opinion that it is not able to pay all of its debts as and when they become due and payable; (d) the corporation is the subject of an auditor’s adverse opinion or disclaimer of opinion, within the meaning of Auditing Standard ASA 705; (e) at any time in the last 12 months the corporation had— (i) an application for approval as a supplier refused, on the basis that the corporation provided false or misleading information, under section 72 (Application and approval of corporation as supplier); or (ii) approval as a supplier cancelled under section 73A (Cancellation etc of supplier’s approval). (3) Despite subsection (2), the commission may decide that the corporation is an eligible person even though there is a disqualifying ground in relation to the corporation if satisfied that— (a) the operation of gaming machines by the corporation would not adversely affect the public; and (b) it is otherwise in the public interest that the corporation be treated as an eligible person. AUASB—see the Australian Securities and Investments Commission Act 2001 (Cwlth), section 5. Auditing Standard ASA 705 means Auditing Standard ASA 705 Modifications to the Opinion in the Independent Auditor’s Report made by the AUASB under the Corporations Act, section 336 (1) (Auditing standards). Note The standard is accessible at www.legislation.gov.au.