(1) Subject to subsections (2), (3) and (4), the Authority shall grant a gambling licence for a charitable or philanthropic purpose sought under section 118 or 119, as the case may be -

(a) where it is satisfied -

(i) the application complies with the requirements of the section concerned,

(ii) the conditions referred to in section 118(2) have been complied with in respect of the proposed licensee,

(iii) the financial information furnished with the application demonstrates -

(I) the capacity of the proposed licensee to provide the gambling activity or activities sought to be licensed and to fund any winnings, and

(II) that the winnings will be funded from lawful activities,

and

(iv) the proposed licensee, and, where applicable, each relevant officer and each beneficial owner, is a fit and proper person to hold the gambling licence concerned,

and

(b) where applicable, it has received such fee as may be prescribed by the Authority under section 38.