Asset management company eligibility requires fit and proper directors, minimum net worth and independent board composition. An asset management company must demonstrate integrity, meet profitability and minimum net worth requirements, and comply with Schedule II fit and proper criteria. Directors and key personnel must have adequate financial experience; at least fifty percent of the board must be non-associated directors, and directors (including the Chairman) may not serve on a mutual fund trustee board. The sponsor must ensure continuous maintenance and deployment of the prescribed minimum net worth, and the Board may approve an application after considering these matters.