48AGrant of licence to body corporate

##### 48A Grant of licence to body corporate (1) This section applies where a body corporate applies for a licence. (2) The Commission shall grant the licence if: (a) the application was made in accordance with section 47; (b) the applicant is not an externally‑administered body corporate; (c) the Commission is satisfied that the educational qualifications and experience of each responsible officer of the applicant are adequate having regard to the duties that the officer would perform in connection with the holding of the licence; and (d) the Commission has no reason to believe that the applicant will not perform efficiently, honestly and fairly the duties of a holder of a licence of the kind applied for. (3) Otherwise, the Commission shall refuse the application. (4) In determining whether or not it has reason to believe as mentioned in paragraph (2)(d), the Commission shall have regard, in relation to each responsible officer of the applicant, to: (a) whether or not the officer is an insolvent under administration; (b) any conviction of the officer, during the 10 years ending on the day of the application, of serious fraud; (c) any reason the Commission has to believe that the officer is not of good fame and character; and (d) any reason the Commission has to believe that the officer will not perform efficiently, honestly and fairly the duties that the officer would perform in connection with the holding of the licence.