SCHEDULE 3 Supplementary Provision as to Qualifications for PSV Operator’s Licence
Appropriate financial standing
2
F1(1)
Being of appropriate financial standing in relation to an application for, or holder of, a PSV operator’s licence consists in having available sufficient financial resources to ensure the establishment and proper administration of the business carried on, or proposed to be carried on, under the licence.
(2)
An applicant for, or the holder of, such a licence authorising the use of vehicles for international operations shall not be considered to be of appropriate financial standing unless he has available capital and reserves of an amount equal to at least—
(a)
3,000 European Currency Units multiplied by the number of vehicles which are to be or are used under the licence; or
(b)
150 European Currency Units multiplied by the number of passenger seats in that number of vehicles,
whichever is the less.