Management and Investment Companies Act 1983
26Alternative to revocation etc.
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26 Alternative to revocation etc.
Where the Board is satisfied that a licensee has contravened this Act or the regulations, the Board may, before revoking, suspending or refusing to renew the licence under this Part, direct the licensee, by notice in writing served on the licensee, to take such action in relation to the contravention as is specified in the notice within such period as is so specified, and, if the licensee takes that action within the period specified, the Board shall not revoke, suspend or refuse to renew the licence on the ground of that contravention.