Malaysia legislation
Section 42
Section 42
(a)
an individual, if the individual dies;
(b)
a corporation, if the corporation is wound up;
(c)
a firm, if the partnership is dissolved;
(d)
any one of the above, who has ceased to be a member of the exchange company.
(2)
The Commissioner may revoke the registration of a registered person—
(a)
in the case of a registered person who is an individual-
(i)
on any ground on which the Commissioner may refuse to register under paragraph (a) of subsection (1) of section 39;
(ii)
if a levy of execution in respect of him has not been satisfied;
(iii)
if he fails or ceases to carry on the business for which he was registered; or
(iv)
if, in the case of a representative, the registration of the dealer or commodity trading adviser, in relation to whom the certificate of registration of the representative was granted, is revoked;
(b)
in the case of a registered person that is a corporation—
(i)
on any ground on which the Commissioner may refuse to register under paragraph (b) of subsection (1) of section 39;
(ii)
if it is being or will be wound up;
(iv)
if it has entered into any composition or arrangement with its creditors; or
(iii)
if a levy of execution in respect of it has not been satisfied;
(v)
if it fails or ceases to carry on the business for which it was registered;
(c)
in the case of a registered person that is a firm—
(i)
on any ground on which the Commissioner may refuse to register under paragraph (c) of subsection (1) of section 39;
(ii)
if the partnership is being or will be dissolved;
(iii)
if a levy of execution in respect of it has not been satisfied;
the registration rson who is an respect of him ch the Commis-register under on (1) of section carry on the s registered; or presentative, the or commodity n to whom the of the reprerevoked;
erson that is a h the Commis-register under section (1) of round up;
respect of it has composition or itors; or on the business 1;
1 the Commister under para-of section 39;
rson that is a ing or will be espect of it has
(iv)
if it has entered into any composition or arrangement with its creditors; or
(v)
if it fails or ceases to carry on the business for which it was registered.
(3)
The Commissioner may revoke the registration of a registered person at the request of such person.
(4)
The Commissioner shall not revoke the registration of a registered person under subsection (2) without first giving such person an opportunity of being heard.
(5)
Where the Commissioner revokes the registration of a registered person under subsection (2) he shall notify such person in writing to that effect stating the reasons for the revocation and specifying the date on which the revocation shall take effect.