31Holder of class 1 licence to be in charge of business

#### 31 Holder of class 1 licence to be in charge of business 31 Holder of class 1 licence to be in charge of business > > (1) An individual who carries on business under a licence other than a class 1 licence must employ an individual (who holds a class 1 licence of a kind that would authorise the employed individual to carry on that business) to be in charge of that business. > > > (2) A corporation that holds a corporation licence must employ an individual (who holds a class 1 licence of a kind that would authorise the individual to carry on that business) to be in charge of that business. > > > (3) An individual or corporation that employs the holder of a class 1 licence in accordance with this section must notify the Secretary of the following within 5 business days— > > > > > (a) the name and licence number of the holder, > > > > > (b) the address of each place of business at which the holder will discharge the holder’s duties as a licensee in charge of the business. > > > (4) The holder of a class 1 licence who is employed in accordance with this section to be in charge of a business must not exercise functions or provide services on behalf of 2 or more licensees (whether corporations or individuals) unless those licensees are in partnership. > > > (5) The Secretary may grant a person an exemption from a provision of this section. The exemption may be granted unconditionally or subject to conditions. The Secretary may at any time by notice in writing to a person granted an exemption revoke the exemption or vary the conditions of the exemption. > > > (6) The regulations may specify the matters to be taken into account by the Secretary in considering whether to grant a person an exemption from a provision of this section. > > Maximum penalty— > > > (a) 200 penalty units in the case of a corporation, or > > > (b) 100 penalty units in any other case. > > **s 31:** Am 2006 No 4, Sch 1 \[7\]. Subst 2018 No 5, Sch 1\[30\].