23Revocation of licence

23 Revocation of licence

(1) Subject to this section, the Board may, by notice served on a licensee, revoke the licence if the Board is satisfied that: (a) a provision of this Act or the regulations has been contravened by, or in relation to, the licensee; (b) the licensee has failed to comply with a condition of the licence; (c) the licensee has failed to comply with a direction by the Board under section 22 or 26; (d) the licensee has failed to make adequate use of the licence for the purpose of assisting the formation and development of prescribed business entities; or (e) the officers of the licensee do not have appropriate qualifications and experience to manage the licensee effectively. (2) Where a licensee requests the Board to revoke the licence, the Board shall, by notice served on the licensee, revoke the licence. (3) The Board shall not revoke a licence under subsection (1) unless the Board: (a) by notice served on the licensee, allows the licensee not less than 14 days after service of the notice in which to make written submissions to the Board with respect to the matters specified in the notice that, in the opinion of the Board, may constitute grounds for revoking the licence; and (b) considers any such submissions. (4) A notice under subsection (1) revoking a licence shall: (a) set out the Board’s findings on material questions of fact, refer to the evidence or other material on which those findings were based and give the reasons for the Board’s decision to revoke the licence; and (b) contain the statement referred to in subsection 48(1) and such other matters as the Board thinks fit.