52. The licence for a partnership or legal person is applied for on its behalf by a natural person who wishes to qualify as a guarantor.
To qualify as a guarantor, the person must be an officer of the partnership or legal person, except in the cases prescribed by regulation of the Board, and meet the conditions set out in subparagraphs 1, 3 and 5 of the first paragraph of section 58 and any other requirement prescribed by regulation of the Board.
Where a person other than an officer may, in a case prescribed by regulation, qualify as a guarantor, all provisions of this Act or the regulations that apply to an officer apply to such a person both at the time of application and once the person has qualified.
For the purposes of this Act, a natural person who holds a licence is also considered to be a guarantor.
1985, c. 34, s. 52; 2005, c. 22, s. 47; 2018, c. 13, s. 61.