Victorian Consolidated Legislation

Conveyancers Act 2006 - SECT 31

Company may be allowed to hold licence despite disqualifying factors

31. Company may be allowed to hold licence despite disqualifying factors



(1) A company may apply to the Authority for permission to hold, or to
continue to hold, a licence even though-

   (a)  it ceases to have at least one director who is a licensee; or

   (b)  it, or one of its directors, is a person in relation to whom a claim
        has been allowed against the Fund; or

   (c)  it has been convicted or found guilty of an offence involving fraud,
        dishonesty, drug trafficking or violence that, if it was a natural
        person, would be punishable by imprisonment for 3 months or more; or

   (d)  one of its directors is a person who has, within the last 10 years in
        Australia or elsewhere, been convicted or found guilty of any offence
        involving fraud, dishonesty, drug trafficking or violence which was
        punishable by imprisonment for 3 months or more, but who is still
        eligible to be a director of the company under the Corporations Act
        despite the conviction or finding of guilt.





(2) An application must-

   (a)  be in the form approved by the Authority; and

   (b)  contain the information required by the Authority; and

   (c)  be accompanied by any documents required by the Authority; and

   (d)  be accompanied by the prescribed fee (if any).

(3) The Authority may give its permission if it is satisfied-

   (a)  that the giving of the permission is not contrary to the public
        interest; and

   (b)  in the case of an application made in the circumstances described in
        subsection (1)(b)-

   (i)  that the applicant has refunded, or has made arrangements to refund,
        all amounts paid out of the Fund in respect of the claim; and

   (ii) that there were exceptional circumstances which gave rise to the claim
        against the applicant; and

   (iii) that, having regard to the conduct of the applicant before and after
        the claim, there is no reasonable expectation that the applicant will
        not comply with this Act and the regulations in future; and

   (c)  in the case of an application made in the circumstances described in
        subsection (1)(b) involving a director or in subsection (1)(d), that
        there is a substantive reason why that person should remain a director
        of the company.

(4) In considering an application, the Authority may-

   (a)  conduct any inquiries it thinks fit;

   (b)  require the applicant to provide any further information relating to
        the application that the Authority thinks fit in the manner required
        by the Authority;

   (c)  seek advice and information on the application from any other person
        or body as it thinks fit.

(5) The Authority may refuse to give its permission if the applicant does not
provide the further information required, or any consent needed by the
Authority to obtain that information, within a reasonable time after the
requirement is made.