104Approval of directors

104 Approval of directors

S. 104(1) amended by No. 58/2011 s. 104(Sch. item 4.155).

(1) A licensee or permittee that is a body corporate may apply to the Commission for the approval of a person to be a director of the licensee or permittee.

S. 104(1A) inserted by No. 92/2004 s. 18(1)(5).

(1A) An application under this section must be accompanied by the fee specified in the regulations for the purposes of this section.

S. 104(2) amended by No. 58/2011 s. 104(Sch. item 4.156).

(2) The Commission must give a copy of an application under this section to the Chief Commissioner.

(3) The Chief Commissioner may object to the application on the ground that the person is not a suitable person to be a director of the licensee or permittee.

(4) An objection must—

S. 104(4)(a) amended by No. 58/2011 s. 104(Sch. item 4.157).

(a) be made to the Commission in writing within 21 days after the day on which a copy of the application was given to the Chief Commissioner; and

S. 104(5) amended by No. 58/2011 s. 104(Sch. item 4.158).

(5) After the period referred to in subsection (4)(a) (or that period as extended under section 174) has expired, the Commission must approve or refuse to approve the person as a director, after considering any objection made under subsection (3).