sec.62Requirement that key person apply for licence or end role

sec.62 Requirement that key person apply for licence or end role

If the chief executive reasonably believes a person (other than a key person licensee) is a key person, the chief executive may, by written notice given to the person, require the person either to apply for a key person licence or to terminate the relevant key relationship, within 7 days of receiving the notice. The person must comply with the requirement within 7 days of receiving the notice, unless the person has a reasonable excuse. Maximum penalty—100 penalty units or 1 year’s imprisonment. The chief executive must give a copy of the notice to the relevant licensed provider. (sec.62-ssec.1) If the chief executive reasonably believes a person (other than a key person licensee) is a key person, the chief executive may, by written notice given to the person, require the person either to apply for a key person licence or to terminate the relevant key relationship, within 7 days of receiving the notice. (sec.62-ssec.2) The person must comply with the requirement within 7 days of receiving the notice, unless the person has a reasonable excuse. Maximum penalty—100 penalty units or 1 year’s imprisonment. (sec.62-ssec.3) The chief executive must give a copy of the notice to the relevant licensed provider.