6. (1) Every applicant for a permit or registration certificate or for the renewal thereof shall send his application to the Superintendent in the form prescribed by regulation, with the documents and contribution to the indemnity fund prescribed by this Act and the regulations thereunder.
(1.1) Every applicant for a broker’s permit, or registration certificate or for the renewal thereof shall also send, with his application,
(a) his financial statements in the form prescribed by regulation;
(b) a contract of insurance establishing, on the terms and conditions prescribed by regulation, a guaranty against professional liability which he may incur owing to his fault, error or omission or that of his employees or real estate agents in the performance of their duties;
(c) in cases determined by regulation, an auditor’s report of the accounting of his trust account transactions, prepared by a person who is a member of a professional corporation of accountants contemplated in Schedule I to the Professional Code (chapter C-26) and signed by him, the contents and form of which and the period covered by which are determined by regulation.
(2) Every person who, in the year preceding his application, held in a trust account an amount exceeding the amount determined by regulation, or who intends to hold such an amount therein, shall also send with his application a security as an additional guaranty to that contemplated in Division III.2.
The amount, form and terms and conditions of the security shall be determined by regulation.
(3) The Superintendent shall issue the permit or certificate if, after investigation, he considers that the applicant has the necessary qualifications and complies with the conditions prescribed by the regulations.
(4) No person can institute an action based on information given in good faith to the Superintendent respecting the issue or renewal of a permit or certificate.
(5) A firm or corporation applying for a broker’s permit or a registration certificate shall
(a) provide the Superintendent with proof of its registration or incorporation, as the case may be, and
(b) appoint to represent it, for the purposes of this act, a representative who must possess all the qualifications required to obtain a broker’s permit and engage actively in the real estate transactions of the firm or corporation.
(6) A trust company shall not be required to give security and shall be entitled to obtain a broker’s permit on producing its licence issued under the Act respecting trust companies and savings companies (chapter S-29.01), but the Superintendent may refuse the permit in the cases provided in section 16.