(1) Every person who desires to obtain a sharebroker's licence shall make application for the licence to the District Court nearest by the most convenient route to the place named in the application as the place of business or principal place of business of the applicant.
(2) Every such application for a licence shall be heard by a District Court Judge exercising jurisdiction in the Court in which the application is filed; and the District Court Judge, if satisfied that the applicant is a fit person to be the holder of a sharebroker's licence, shall, on payment of a fee of $250, grant to the applicant a sharebroker's licence.
(3) Such licence shall, unless sooner cancelled, continue in force until the 31st day of December then next, and may be renewed from year to year by the Registrar of the Court in which the licence was granted, on payment of a fee of $250:
Provided that where one member of a firm of partners carrying on business as sharebrokers has obtained the renewal of his sharebroker's licence, for any year, every other member of the partnership firm who is carrying on business exclusively in the same locality shall be entitled to a renewal of his licence on payment of a fee of $100.
(4) The amount of any fee which is payable under subsection (2) or subsection (3) of this section may be amended from time to time by the Governor-General by Order in Council.
Section 4 was substituted, as from 14 October 1981, for the original section 4 by section 10(1) Sharebrokers Amendment Act 1981 (1981 No 43).
Subsection (2): the fee payable for the issue of a sharebroker's licence was increased from $100 to $250 by clause 2(1) Sharebrokers Act (Increase in Fees) Order 1987 (SR 1987/57).
Subsection (3): the fee payable on the renewal of a sharebroker's licence was increased from $100 to $250 by clause 2(2) Sharebrokers Act (Increase in Fees) Order 1987 (SR 1987/57).
Subsection (3) proviso: the fee payable under this proviso was increased from $30 to $50 by clause 2(3) Sharebrokers Act (Increase in Fees) Order 1987 (SR 1987/57). This was further increased, as from 8 October 1991, to $100 by clause 2 Sharebrokers Act (Increase in Fees) Order 1991 (SR 1991/192). See also clause 3 of those regulations as to the fees prescribed being inclusive of GST.