FILM LICENSED INVESTMENT COMPANY ACT 1998 No. 107, 1998 - SECT 15 Conditions on grant of licence
FILM LICENSED INVESTMENT COMPANY ACT 1998 No. 107, 1998 - SECT 15
Conditions on grant of licence A company may only be granted a concessional capital licence under the scheme if all of the following conditions are met:
- (a) the company is registered
under the Corporations Law;
(b) the company has not commenced business or exercised any borrowing power;
(c) the company's central management and control is ordinarily exercised in a place in Australia;
(d) the chair of the company (however described) and all of the directors of the company are Australian citizens;
(e) the company's memorandum and articles of association provide that all of the shares in the company are to be fully paid and of the same class.