Document ID: chunk:federal_register_of_legislation:C2024C00826:section:38
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 38
Character Range: 118484–119223

38  When a licence may be granted—ADIs
  If:
 (a) an ADI applies under section 36 for a licence; and
 (b) the application includes a statement (in accordance with the requirements of the approved form) to the effect that the ADI will, if granted the licence, comply with its obligations as a licensee;
then ASIC must grant the ADI a licence authorising the ADI to engage in credit activities that equate (as closely as possible) to the credit activities in relation to which the application was made.
Note: ASIC must not grant a licence to a person contrary to a banning order or disqualification order, or if a prescribed State or Territory order is in force against the person or certain representatives of the person (see section 40).