142.This section sets out the basis on which the Authority is to assess the suitability of a candidate for approval, whether they are an individual or a body corporate.  Subsection (1) requires the Authority to be satisfied that a candidate is fit and proper to perform the functions in question before it is able to give its approval.  Where the Authority proposes to refuse an application, section 62 requires it to give a warning and decision notice.  Notice must be given to the authorised person, the candidate and, where relevant, a contractor.
Commentary on Sections Part V: Performance of Regulated Activities Section 61: Determination of applications