Suspension and cancellation
23 Suspension and cancellation
The Commissioner may suspend or cancel a licence by notice in writing to the holder of the licence if the Commissioner is satisfied that—
the licence was obtained because of materially incorrect or misleading information; or
the holder of the licence has given materially incorrect or misleading information in a report under section 20,
21 or
22; or
the holder of the licence, or an employee or representative of the holder of the licence, has contravened a condition of the licence; or
the holder of the licence, or an employee or representative of the holder of the licence, has failed to comply with, or has contravened or is contravening, a provision of this Act or the regulations; or
the holder of the licence, or an employee or representative of the holder of the licence, has contravened or is contravening a relevant law; or
the holder of the licence is no longer a fit and proper person to be the holder of a licence; or
if the holder of the licence is a body corporate—
1 or more directors of the body corporate are no longer fit and proper persons to be directors of a body corporate that is the holder of a licence; or
the holder of the licence has been wound up or deregistered under the Corporations Act 2001 of the Commonwealth; or
the business to which the licence relates no longer has sufficient financial resources for the purpose of properly carrying on business under the licence; or
for any other reason, the licence should be suspended or cancelled.
Suspension under subsection (1)—
takes effect at a date and time specified in the written notice;
and
may be for a period of not more than 90 days as specified in the written notice.
Cancellation under subsection (1) takes effect on the date and time specified in the written notice of cancellation.
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