Cap. 644 чл. 20Application for a licence.

(1) Every person who intends to obtain a licence in accordance with this Act shall submit an application to the Agency in the prescribed form.

(2) Every application under sub-article (1):

(a) shall declare the locations of activity where the applicant intends to carry out the activity; and

(b) shall, where the applicant has or proposes to have two (2) or more locations of activity, specify which of those locations of activity is to be his principal place of activity.

(3) Real estate agents or property brokers who intend to carry out their activity through a partnership in compliance with the provisions of article 18(4) shall submit an application to the Agency in the prescribed form.

(4) Every application under sub-article (3) shall declare:

(a) the official full name and registration number of the partnership;

(b) the date of incorporation or registration of the partnership;

(c) the registered address or principal place of activity of the partnership;

(d) the names and identity reference numbers of all directors, partners, company secretary and beneficial owners; and

(e) the licence number of any licence holders.

(5) The Agency shall authorise the exercise of the activity as envisaged under article 18(4) upon being satisfied that:

(a) the requirements of article 18(4) have been complied with; and

(b) having regard to all directors, partners, company secretary and the beneficial owners’ conduct and repute, their financial position, and the interests of the public, all directors, partners, company secretary and beneficial owners are fit and proper persons to be involved in a partnership which has as its main object the activity envisaged under article 18(1).

(6) There shall be no change in beneficial ownership, in the board of directors or partners or company secretary of a partnership where such is required under any other law, formed for the purpose of sub- article 18(4), unless the said change is notified to the Agency in the prescribed form and the Agency, gives its approval thereto upon being satisfied that the criteria set out in articles 18(4) and 20(5) are satisfied.

(7) In case of a change in beneficial ownership, in the board of directors or partners, or company secretary of a partnership where such is required under any other law, formed for the purpose of article 18(4), the partnership may not resume its activity unless such changes are approved by the Agency.

(8) When the Agency decides to refuse a request for an approval of a change as provided for in sub-article (6), the Agency shall inform the applicant and state in the notice the grounds for the decision.

(9) The Agency shall also be informed whenever:

(a) any one (1) director or partner or company secretary or beneficial owner of a partnership formed for the purposes of sub-article (4) of article 18 resigns or is otherwise removed; or

(b) it is resolved or otherwise decided that a partnership formed for the purposes of the said sub-article (4) of article 18 is to be dissolved and consequently wound up.