Malaysia legislation
Section 39
Section 39
(a)
in the case of an applicant who is an individual, on the grounds that—
(i)
the applicant has not provided the Commissioner with such information relating to him or any person employed by or associated with him for the purposes of his business, and to any circumstances likely to affect his method of conducting business, as may prescribed under this Act;
(ii)
the applicant is an undischarged bankrupt or has committed an act of bankruptcy within the meaning of the Bankruptcy Act 1967 or has made a composition or arrangement with his creditors;
(iii)
it appears to the Commissioner that, by reason of the applicant, or any person employed by or associated with him for the purposes of his business, having been convicted, whether in Malaysia or elsewhere, of an offence the conviction for which involved a finding that he acted fraudulently or dishonestly, or having been convicted of an offence against this Act or any Act superseded by this Act, or having committed a breach of any regulations made under this Act or any Act superseded by this Act relating to registered persons, the applicant is not a fit and proper person to be registered;
(iv)
it appears to the Commissioner that, by reason of any other circumstances whatsoever which either is likely to lead to the improper conduct of business by, or reflect discredit on the method of conducting business of, the applicant or any person employed by or associated with him for the purpose of his business, the applicant is not a fit and proper person to be registered; or e to register an is an individual, provided the Com-rmation relating employed by or the purposes of y circumstances d of conducting described under charged bankrupt of bankruptcy the Bankruptcy composition or editors;
ssioner that, by or any person with him for less, having been Malaysia or else conviction for that he acted itly, or having once against this by this Act, or of any regula-ct or any Act relating to aplicant is not a be registered;
sioner that, by instances what-lely to lead to business by, or method of con-pllicant or any associated with s business, the proper person
(v)
the applicant is unable to satisfy such minimum financial requirements as may be prescribed by the Commission by order from time to time;
(b)
in the case of an applicant that is a corporation, on the grounds that—
(i)
the applicant has not provided the Commissioner with such information relating to it or any person employed by or associated with it for the purposes of its business, and to any circumstances likely to affect its method of conducting business, as may be prescribed under this Act;
(ii)
any director or employee of the applicant who applies to be registered as a dealer in his capacity as such director or employee, as the case may be, would be refused registration under subparagraph (ii) of paragraph (a);
(iii)
the applicant has at any time prior to the application entered into any composition or arrangement with its creditors;
(iv)
it appears to the Commissioner that, by reason of the applicant, or any director or employee of the applicant, having been convicted, whether in Malaysia or elsewhere, of an offence the conviction for which involved a finding that it or he acted fraudulently or dishonestly, or having been convicted of an offence against this Act or any Act superseded by this Act, or having committed a breach of any regulations made under this Act or any Act superseded by this Act relating to registered persons, the applicant is not a fit and proper person to be registered;
(v)
it appears to the Commissioner that, by reason of any other circumstances whatsoever which either is likely to lead to the improper conduct of business by, or reflect discredit on the method of conducting business of, the applicant or any director or employee of the applicant, the applicant is not a fit and proper person to be registered; or
(vi)
the applicant is unable to satisfy such minimum financial requirements as may be prescribed by the Commission by order from time to time;
(c)
in the case of an applicant that is a firm, on the grounds that—
(i)
the applicant has not provided the Commissioner with such information relating to it or any person employed by or associated with it for the purposes of its business, and to any circumstances likely to affect its methods of conducting business, as may be prescribed under this Act;
(ii)
any partner or employee of the applicant who applies to be registered as a dealer in his capacity as such partner or employee, as the case may be, would be refused registration under subparagraph (ii) of paragraph (a);
(iii)
the applicant has at any time prior to the application entered into any composition or arrangement with its creditors;
(iv)
it appears to the Commissioner that, by reason of the applicant, or any partner or employee of the applicant, having been convicted, whether in Malaysia or elsewhere, of an offence the conviction for which involved a finding that it or he acted fraudulently or dishonestly, or having been convicted of an offence against this Act or any Act superseded by this Act, or having committed a breach of any regulations made under this Act or any Act superseded by this Act relating to registered persons, the applicant is not a fit and proper person to be registered;
applicant, the proper person satisfy such nents as may ssion by order is a firm, on led the Comation relating loyed by or purposes of its stances likely ducting busi id under this the applicant as a dealer trner or eme, would be subparagraph prior to the composition editors;
ner that, by y partner or having been sia or else nviction for that it or he honestly, or an offence superseded committed a le under this by this Act , the appli-person to be
(v)
it appears to the Commissioner that by reason of any other circumstances whatsoever which either are likely to lead to the improper conduct of business by, or reflect discredit on the method of conducting business of, the applicant or any partner or employee of the applicant, the applicant is not a fit and proper person to be registered; or
(vi)
the applicant is unable to satisfy such minimum financial requirements as may be prescribed by the Commission by order from time to time.
(2)
The Commissioner shall not refuse to register an applicant under subsection (1) without first giving the applicant an opportunity of being heard.
(3)
Where the Commissioner refuses to register an applicant under subsection (1), he shall notify the applicant in writing to that effect stating the reasons for the refusal.