Section 50M, The Other Financial Services (Amendment) Act, 2007.

(1) A licence under this Part shall be deemed to berevoked, in the case of– (a) an individual, if the individual dies; or (b) a body corporate, if it is wound up. (2) The Central Bank may revoke a licence under this Part– (a) in the case of a licence holder who is an individual- (i) if a levy of execution in respect of him has not been satisfied; (ii) if he ceases to carry on the business for which he was licensed; (iii) if he has been adjudged bankrupt in any jurisdiction; (iv) if, in the case of a representative, the licence of the dealer, broker or investment adviser or fund manager, in relation to whom the licence was granted, is revoked; (v) if the Central Bank has reason to believe that the licence holder is not a fit and proper person or has not performed his duties efficiently, honestly or fairly, (vi) if he is convicted of an offence involving fraud or dishonesty punishable by imprisonment; or (vii) if the licence holder contravenes or fails to comply with any condition or restriction applicable in respect of the licence or any provision of this Act; (b) in the case of a body corporate- (i) if it is wound up, or is in the process of being wound up; (ii) if a levy of execution in respect of it has not been satisfied; Inspection of register. Revocation or suspension of licence. 20 21 No. 4 Other Financial Services (Amendement) Act 2007No. 4 Other Financial Services (Amendement) Act 2007 (iii) if a receiver or a manager has been appointed whether by a court or creditors in respect of its property; (iv) if it has entered into any composition or arrangement with its creditors; (v) if it ceases to carry on the business for which it was licensed; (vi) if the Central Bank has reason to believe that the licence holder, or any of its directors or employees, has not performed its or his duties efficiently, honestly or fairly; or (vii) if the licence holder contravenes or fails to comply with any conditions or restrictions applicable in respect of the licence or any provision of this Act. (3) In a case to which subsection (2) applies, the Central Bank may, instead of revoking a licence, impose conditions or restrictions upon the exercise of the licence or it may suspend the licence for a specific period and, where it suspends a licence, it may at any time remove the suspension. (4) The Central Bank shall not revoke a licence under subsection (2) or impose conditions or restrictions upon the exercise of a licence or suspend a licence under subsection (3) without first giving the licence holder an opportunity of being heard. (5) A person whose licence is revoked under this section shall, for the purposes of this Part, be deemed not to be licensed as from the date of the revocation or suspension of the licence. (6) A revocation or suspension of a licence of a person shall not operate so as to– (a) avoid or affect any agreement, transaction or arrangement relating to trading in securities entered into by the person, whether the agreement, transaction or arrangement was entered into before or after the revocation or suspension of the licence; or (b) affect any right, obligation or liability arising under any agreement, transaction or arrangement existing before the revocation or suspension.