Document ID: chunk:federal_register_of_legislation:C2004A03572:body:0:p2
Version: federal_register_of_legislation:C2004A03572
Segment Type: other
Provision Reference: 
Character Range: 2671–5386

For the purposes of subsection (2):
     (a) a person who is engaged, other than permanently, by a business entity as an auditor, accountant, consultant or other expert for the purpose of providing expert advice or other services to the business entity shall not be taken to be concerned, or to be taking part, in the management of that business entity; and
     (b) a person shall not be taken to be concerned, or to be taking part, in the management of a business entity merely because that person assists the business entity to meet the requirements for certification under section 29.".

Delegation
7. Section 15 of the Principal Act is amended by inserting after paragraph (1) (b) the following paragraph:
     "(ba) to refuse to approve the surrender of a licence under section 23a;".

Application for grant of licence
8. Section 20 of the Principal Act is amended:
     (a) by adding at the end of paragraph (2) (g) "and";
     (b) by omitting paragraph (2) (h); and
     (c) by omitting subsection (3).

Grant of licence
9. Section 21 of the Principal Act is amended:
     (a) by omitting subsection (1) and substituting the following subsections:
    "(1) Subject to subsections (2) and (2a), the Board may grant or refuse to grant a licence to an applicant and where the Board grants a licence it shall specify in the licence the amount of approved capital of the licensee for the purposes of this Act.
    "(1a) For the purposes of subsection (1), the approved capital of the licensee is an amount equal to or exceeding the amount of the applicant's paid-up share capital on the day on which the licence is granted.";
     (b) by inserting after subsection (2) the following subsections:
    "(2a) Where an applicant's paid-up share capital is less than the relevant amount, then, even if the applicant's authorised share capital is not less than that amount, the Board shall not grant a licence to the applicant unless the applicant provides the Board with a declaration under subsection (2b).
    "(2b) A declaration shall be signed by the secretary of the applicant and shall state that undertakings in writing by persons to subscribe, if the applicant is granted the licence, to shares in the applicant such that the applicant's paid-up share capital will not be less than the relevant amount have been made and will be made available for inspection by the Board at a place determined by the Board."; and
     (c) by adding at the end the following subsection:
    "(6) In this section, 'relevant amount' means the amount of $5,000,000 or, where the regulations prescribe another amount for the purpose of this section, that other amount.".

Revocation of licence
10. Section 23 of the Principal Act