Section 1299B — Corporations Act 2001: Eligibility for registration as an authorised audit company

A company is eligible to be registered as an authorised audit company if and only if: (a) each of the directors of the company: (i) is a registered company auditor; and (ii) is not disqualified from managing a corporation under Part 2D.6; and (b) each share in the company is held and beneficially owned by a person who is: (i) an individual; or (ii) the legal personal representatives of an individual; and (c) a majority of the votes that may be cast at a general meeting of the company attach to shares in the company that are held and beneficially owned by individuals who are registered company auditors; and (d) ASIC is satisfied that the company has adequate and appropriate professional indemnity insurance for claims that may be made against the company in relation to the audit of companies and registered schemes for the purposes of this Act; and (e) the company is not a Chapter 5 body corporate.