18.—(1) A licence shall be 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 license under section 15(1) or (3);
(b)
if a levy of execution in respect of him has not been satisfied;
(c)
if he fails or ceases to carry on business for which he was licensed;
(d)
if, in the case of a representative, the licence of the commodity broker, commodity futures broker, commodity trading adviser, commodity futures trading adviser, commodity pool operator or commodity futures pool operator, in relation to whom the licence was granted, is revoked;
[22/2001 wef 27/06/2001]
(e)
if the Board has reason to believe that the licensed person has not performed his 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 a levy of execution in respect of it has not been satisfied;
(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 his 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 that person.
(5) The Board shall not revoke a licence under subsection (2) or (3) without first giving such person an opportunity of being heard.