s 19 Powers of Board in cases of misconduct, etc.
19.—(1) The Board may inquire into any allegation that a licensed person is or has been guilty of any misconduct or is no longer a fit and proper person to continue to remain licensed by reason of any other circumstances which have led, or are likely to lead, to the improper conduct of business by the licensed person or to reflect discredit on the method of conducting the licensed person’s business. (2) If, after inquiring into an allegation under subsection (1) against a licensed person, the Board is of the opinion that the allegation is proved, the Board may if it thinks fit —(a) revoke the licence of the person; (b) suspend the licence of the person for such period, or until the happening of such event, as the Board may determine; or (c) reprimand the person. (3) The Board must, at the hearing of an inquiry into an allegation under subsection (1) against a licensed person, give the person an opportunity of being heard. (4) Where the Board is satisfied, after making an inquiry into an allegation under subsection (1), that the allegation has been made in bad faith or that it is otherwise frivolous or vexatious, it may, by written order, require the person who made the allegation to pay any costs and expenses involved in the inquiry. (5) In this section, “misconduct” means —(a) any failure to comply with the requirements of this Act or any regulations made under this Act with respect to licensed persons; and (b) any act or omission relating to the conduct of business of a licensed person which is or is likely to be prejudicial to the public interest.