sec.56AGProcedure if licensee is excluded company

### sec.56AG Procedure if licensee is excluded company This section applies if the commission considers that a company that is a licensee is an excluded company. The commission must give the company a written notice stating the following— particulars identifying the individual (the relevant individual ) who is a director or secretary of, or an influential person for, the company and who is an excluded individual for a relevant event; particulars identifying the relevant event; within 28 days after the commission gives the company the written notice, the relevant individual must stop being a director, secretary or influential person; the circumstances, stated in subsection (3) , in which the commission must cancel the company’s licence. The commission must cancel the company’s licence by written notice given to the company if, within the 28 days mentioned in subsection (2) (c) , the relevant individual does not stop being a director or secretary of, or an influential person for, the company. Section 49 does not apply to a cancellation under subsection (3) . s 56AG ins 1999 No. 43 s 28 amd 2003 No. 1 s 30 ; 2013 No. 38 s 14 sch 1 ; 2014 No. 57 s 22 ; 2020 No. 24 s 120 (sec.56AG-ssec.1) This section applies if the commission considers that a company that is a licensee is an excluded company. (sec.56AG-ssec.2) The commission must give the company a written notice stating the following— particulars identifying the individual (the relevant individual ) who is a director or secretary of, or an influential person for, the company and who is an excluded individual for a relevant event; particulars identifying the relevant event; within 28 days after the commission gives the company the written notice, the relevant individual must stop being a director, secretary or influential person; the circumstances, stated in subsection (3) , in which the commission must cancel the company’s licence. (sec.56AG-ssec.3) The commission must cancel the company’s licence by written notice given to the company if, within the 28 days mentioned in subsection (2) (c) , the relevant individual does not stop being a director or secretary of, or an influential person for, the company. (sec.56AG-ssec.4) Section 49 does not apply to a cancellation under subsection (3) . - (a) particulars identifying the individual (the relevant individual ) who is a director or secretary of, or an influential person for, the company and who is an excluded individual for a relevant event; - (b) particulars identifying the relevant event; - (c) within 28 days after the commission gives the company the written notice, the relevant individual must stop being a director, secretary or influential person; - (d) the circumstances, stated in subsection (3) , in which the commission must cancel the company’s licence.