Document ID: chunk:federal_register_of_legislation:C2004A02473:body:0:p10
Version: federal_register_of_legislation:C2004A02473
Segment Type: other
Provision Reference: 
Character Range: 22114–24604

report required by this Act to be prepared by an auditor of a dealer,
unless—
    (d) at least one member of the firm is a registered company auditor who is ordinarily resident in a State or Territory;
    (e) where the business name under which the firm is carrying on business is not registered under the Business Names Ordinance 1963—there has been lodged with the Commission a return in the prescribed form showing, in relation to each member of the firm, his full name and his address as at the time when the firm so consents, acts or prepares a report;
    (f) no member of the firm, and no body corporate in which any member of the firm is a substantial shareholder within the meaning of Division 4 of Part IV of the Companies Act 1981, or the provisions of the law of a participating State or of a participating Territory that correspond with that Division, is indebted in an amount exceeding $5,000 to the dealer or, where the dealer is a body corporate, to a related body corporate;
    (g) no member of the firm is—
       (i) in the case of a dealer who is a natural person—a partner or employee of the dealer; or
       (ii) in the case of a dealer that is a body corporate—
           (a) an officer of the body corporate;
           (b) a partner, employer or employee of an officer of the body corporate; or
           (c) a partner or employee of an employee of an officer of the body corporate; and
    (h) in the case of a dealer that is a body corporate, no officer of the body corporate receives any remuneration from the firm for acting as a consultant to it on accounting or auditing matters.
"(4) A reference in sub-section (2) or (3) to indebtedness to a body corporate does not, in relation to indebtedness of a natural person, include a reference to indebtedness of that person to a body corporate that is a prescribed corporation for the purposes of Division 4 of Part VI of the Companies Act 1981 where—
    (a) the indebtedness arose as a result of a loan made to that person by the body corporate in the ordinary course of its ordinary business; and
    (b) the amount of that loan was used by that person to pay the whole or part of the purchase price of premises that are used by that person as his principal place of residence.

"(5) For the purposes of sub-sections (2) and (3), a person shall be deemed to be an officer of a body corporate if—
    (a) he is an officer of a related body corporate; or
    (b) except where the Commission, if it thinks fit