s 18 Revocation of licence
18.—(1) A licence is deemed to be revoked, in the case of —(a) an individual, if the individual dies; (b) a corporation, if the corporation is wound up. (2) Where a licensed person is an individual, the Board may revoke a licence —(a) on any ground on which the Board may refuse to grant a licence under section 15(1) or (3); (b) if an enforcement order in respect of the licensed person has not been satisfied;[Act 25 of 2021 wef 01/04/2022] (c) if the licensed person fails or ceases to carry on business for which he or she was licensed; (d) if, in the case of a representative, the licence of the commodity broker, commodity trading adviser or commodity pool operator, in relation to whom the licence was granted, is revoked; (e) if the Board has reason to believe that the licensed person has not performed his or her duties efficiently, honestly or fairly; or (f) if the licensed person contravenes or fails to comply with any of the conditions or restrictions applicable in respect of the licence. (3) Where a licensed person is a corporation, the Board may revoke a licence —(a) on any ground on which the Board may refuse to grant a licence under section 15(2) or (3); (b) if it is being or will be wound up; (c) if an enforcement order in respect of it has not been satisfied;[Act 25 of 2021 wef 01/04/2022] (d) if it has entered into any composition or arrangement with its creditors; (e) if it fails or ceases to carry on business for which it was licensed; (f) if the Board has reason to believe that the licensed person, or any of its directors or employees, has not performed its, his or her duties efficiently, honestly or fairly; or (g) if the licensed person contravenes or fails to comply with any of the conditions or restrictions applicable in respect of the licence. (4) The Board may revoke the licence of a person at the request of the person. (5) The Board must not revoke a licence under subsection (2) or (3) without first giving the person an opportunity of being heard.