A corporation, partnership or association shall be granted a license when individual licenses have been issued to every member, partner or officer of such partnership, association or corporation who actively participates in its brokerage business and to every person who acts as a salesperson for such partnership, association or corporation and when the required fee is paid.

(L. 1941 p. 424 § 2, A.L. 1981 S.B. 16, A.L. 1993 S.B. 18)