Commonwealth Numbered Acts

SECURITIES INDUSTRY ACT 1980 No. 66, 1980 - SECT 49

49. (1) Subject to section 62 and the regulations, where an application is
duly made for the grant of a dealer's representatives licence or an investment
representatives licence, the Commission shall grant the application if it does
not have any reason to believe that the applicant will not perform the duties
of the holder of a dealer's representatives licence or of an investment
advisers licence, as the case may be, efficiently, honestly and fairly, but
otherwise the Commission shall refuse the application.

(2) A dealer's representatives licence shall specify the person, being the
holder of a dealers licence, or 2 or more such persons, on whose behalf the
holder of the dealer's representatives licence may act.

(3) An investment representatives licence shall specify the person, being the
holder of an investment advisers licence, or 2 or more such persons, on whose
behalf the holder of the investment representatives licence may act.

(4) Where-

   (a)  an applicant for a dealer's representatives licence proposes to act on
        behalf of 2 or more persons who together constitute a dealer, being
        persons each of whom is the holder of a dealers licence; or

   (b)  an applicant for an investment representatives licence proposes to act
        on behalf of 2 or more persons who together constitute an
        investment adviser, being persons each of whom is the holder of an
        investment advisers licence, the application may specify those persons
        by reference to the name or style under which the business of those
        persons is carried on and, where those persons are so specified in the
        application, they shall be specified by reference to that name or
        style in a dealer's representatives licence or an
        investment representatives licence, as the case may be, granted to the
        applicant.