Section 18Part 4 — CORPORATE DIRECTORS
Application for a licence as a corporate director
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The Authority may grant a licence under this Law to a corporate director with or without conditions as the Authority may consider appropriate.
The Authority may not grant a licence to an applicant unless the Authority is satisfied —
that the applicant has sufficient capacity to carry out the applicant's duties as a corporate director; and
that the applicant is a fit and proper person for licensing as a corporate director.
An application for a licence by a corporate director shall be made to the Authority, in the prescribed form and shall be accompanied by the prescribed fee.
An application fee paid to the Authority for licensing as a corporate director is non-refundable.
An applicant shall comply with any requests made by the Authority for information —
that relates to the applicant's appointment as a director of a covered entity;
necessary to the Authority for the purposes of licensing; or
that the Authority may reasonably require for the exercise of its regulatory functions under this Law.
Upon submitting an application for a licence under this Part to the Authority, an applicant may continue to act as a corporate director until the applicant is granted a licence by the Authority under subsection (1) but that applicant shall, in the time prescribed, cease to act as a corporate director if, for any reason, the application for a licence is refused.
Each licensed corporate director shall, on or before the 15th January in each calendar year, provide to the Authority the information in the prescribed form and pay to the Authority the prescribed annual fee, and there shall be payable by a licensed corporate director who fails to pay the prescribed annual fee by that date, a surcharge of one-twelfth of that fee for every month or part of a month after the 15th January in each year that the fee is not paid.
If there is any change in the information provided to the Authority for the grant of a licence under this Part, a corporate director shall within twenty-one days of the change, inform the Authority of the change.
A corporate director who acts in contravention of subsection (8) commits an offence and is liable on summary conviction to a fine of twenty thousand dollars.
Defined Terms
Authoritylicencecorporate directorapplicantfit and proper person