4.—(1) Any person who desires to obtain a licence shall make an application in the prescribed form to the Board for the grant of a licence.
(2) Upon receiving an application under subsection (1), the Board shall consider the application and may grant a licence, with or without conditions, or refuse to grant a licence.
(3) The Board shall refuse to grant a licence if —
(a)
satisfactory evidence has not been produced to show that the applicant is a fit and proper person to hold a licence;
(b)
the applicant or, if the applicant is a company, any of its officers holding a managerial or executive position has been convicted of any offence involving dishonesty, fraud or moral turpitude; or
(c)
the Board considers it in the public interest to do so.
(4) The Board may at any time vary or revoke any of the existing conditions of a licence or impose conditions or additional conditions thereto.
(5) The Board shall, before taking any action under subsection (4), notify its intention to take such action to the licensee concerned and shall give the licensee an opportunity to submit reasons why the conditions of his licence should not be so varied or revoked.
(6) Where a licence is subject to conditions, the licensee shall comply with those conditions.
(7) No person who is not an incorporated person shall be licensed under this section unless there is in respect of the business a valid certificate of registration of business issued under any written law in force in Singapore relating to the registration of businesses.
(8) Any person who is aggrieved by a decision of the Board under this section may, within one month of being notified of the decision of the Board, appeal against that decision to the Minister whose decision shall be final.