(FORTUNE Magazine) – The legendary Italian carmaker Bugatti Automobili will mark the 110th anniversary of its founder's birth this coming September 15 with its first model in 30 years: a 220-mph, 550-horsepower two-seater designated the Bugatti 110. The probable price: $600,000.

But the company claims a suitcase of cash won't guarantee ownership of the car (see below for a peek at a prototype). Prospective buyers will have to pass a morality check with an honor committee that includes the likes of Archduke Otto von Hapsburg, the eldest son of Austria's last Emperor, and Britain's Lord Raglan, who once sponsored a euthanasia bill in the House of Lords. Approved buyers, explains company spokeswoman Serenella Artioli, ''could be old Bugatti customers, or people who know the car and the spirit of the car and know how to drive it.'' Would Bugatti really say no to cash? Says Artioli: ''If you're a good boy, we'll let you buy one. But not if you're naughty.'' That includes those who speculate on cars rather than wanting to drive them. Bugatti plans to make 150 of the 110s in the first year. - R.T.