sec.55Assessing approval applicant or approval applicants

### sec.55 Assessing approval applicant or approval applicants This section applies to the chief executive in assessing an approval application as mentioned in section 53 or 54 . The chief executive must decide whether the approval applicant is suitable to be approved as the control body for the application code. For subsection (2) , the chief executive must have regard to, and if necessary, investigate each of the following— the approval application, matters accompanying or included in the approval application as mentioned in section 46 , and evidence given by the approval applicant in support of the application about the matters mentioned in section 47 ; the approval applicant’s business reputation, current financial position and financial background; the suitability of every business associate and executive associate of the approval applicant to be associated with the approval applicant as a control body; if the approval applicant has a business association with another entity— the entity’s character or business reputation; and the entity’s current financial position and financial background. In deciding about the suitability of a business associate or executive associate of the approval applicant, the chief executive must have regard to, and if necessary investigate, each of the following— the associate’s character or business reputation; the associate’s current financial position and financial background; if the associate has a business association with another entity— the entity’s character or business reputation; and the entity’s current financial position and financial background. (sec.55-ssec.1) This section applies to the chief executive in assessing an approval application as mentioned in section 53 or 54 . (sec.55-ssec.2) The chief executive must decide whether the approval applicant is suitable to be approved as the control body for the application code. (sec.55-ssec.3) For subsection (2) , the chief executive must have regard to, and if necessary, investigate each of the following— the approval application, matters accompanying or included in the approval application as mentioned in section 46 , and evidence given by the approval applicant in support of the application about the matters mentioned in section 47 ; the approval applicant’s business reputation, current financial position and financial background; the suitability of every business associate and executive associate of the approval applicant to be associated with the approval applicant as a control body; if the approval applicant has a business association with another entity— the entity’s character or business reputation; and the entity’s current financial position and financial background. (sec.55-ssec.4) In deciding about the suitability of a business associate or executive associate of the approval applicant, the chief executive must have regard to, and if necessary investigate, each of the following— the associate’s character or business reputation; the associate’s current financial position and financial background; if the associate has a business association with another entity— the entity’s character or business reputation; and the entity’s current financial position and financial background. - (a) the approval application, matters accompanying or included in the approval application as mentioned in section 46 , and evidence given by the approval applicant in support of the application about the matters mentioned in section 47 ; - (b) the approval applicant’s business reputation, current financial position and financial background; - (c) the suitability of every business associate and executive associate of the approval applicant to be associated with the approval applicant as a control body; - (d) if the approval applicant has a business association with another entity— (i) the entity’s character or business reputation; and (ii) the entity’s current financial position and financial background. - (i) the entity’s character or business reputation; and - (ii) the entity’s current financial position and financial background. - (i) the entity’s character or business reputation; and - (ii) the entity’s current financial position and financial background. - (a) the associate’s character or business reputation; - (b) the associate’s current financial position and financial background; - (c) if the associate has a business association with another entity— (i) the entity’s character or business reputation; and (ii) the entity’s current financial position and financial background. - (i) the entity’s character or business reputation; and - (ii) the entity’s current financial position and financial background. - (i) the entity’s character or business reputation; and - (ii) the entity’s current financial position and financial background.