Revocation of licence
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 trading adviser or commodity pool operator, in relation to whom the licence was granted, is revoked;
[35/2007 wef 27/02/2008]
(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.