40Licences must not be granted to certain applicants

40  Licences must not be granted to certain applicants Banning or disqualification order in force against person  (1) Despite subsection 37(1) and section 38, ASIC must not grant a licence that authorises a person to engage in a credit activity if a banning order or disqualification order under Part 2‑4 is in force against the person in relation to that credit activity. Prescribed State or Territory order in force against person etc.  (2) Despite subsection 37(1) and section 38, ASIC must not grant a licence to a person if:  (a) the person is a natural person against whom a prescribed State or Territory order is in force; or  (b) the person is a body corporate, and a prescribed State or Territory order is in force against a director, secretary or senior manager of the body corporate who would perform duties in relation to the credit activities to be authorised by the licence; or  (c) the person is a partnership or the trustees of a trust, and a prescribed State or Territory order is in force against a partner or trustee who would perform duties in relation to the credit activities to be authorised by the licence.