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(1)An application for a standard licence shall not be granted unless the traffic commissioners are satisfied that the applicant meets the following requirements, namely—
(a)the requirement to be of good repute;
(b)the requirement to be of appropriate financial standing; and
(c)the requirement as to professional competence ;
and an application for a restricted licence shall not be granted unless the traffic commissioners are satisfied that the applicant meets the requirements to be of good repute and of appropriate financial standing.
(2)The provisions of Schedule 3 to this Act shall have effect for supplementing the provisions of subsection (1) above, and for modifying the operation of that subsection in the case of persons engaged in road passenger transport before 1st January 1978.
(3)Notwithstanding that it appears to the traffic commissioners on an application for a standard or restricted licence that the requirements mentioned in subsection (1) above are met, the application shall not be granted unless the commissioners are further satisfied—
(a)that there will be adequate facilities or arrangements for maintaining in a fit and serviceable condition the vehicles proposed to be used under the licence; and
(b)that there will be adequate arrangements for securing compliance with the requirements of the law relating to the driving and operation of those vehicles.
(4)If on an application for a PSV operator's licence the traffic commissioners determine that the relevant requirements mentioned in subsection (1) above and the further requirements mentioned in subsection (3) above are satisfied they shall, subject to the provisions of sections 15 and 16 of this Act, grant the licence in accordance with the application.
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