Malaysia legislation
Section 26D
Section 26D
(a)
if any of the provisions of this Act or any of the conditions of the intermediation business licence has not been complied with;
(b)
if the issuance of the intermediation business licence was induced by a false representation of fact by or on behalf of the holder of an intermediation business licence; or
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(c)
in the event of the death, incapacity, bankruptcy or, in the case of a company, liquidation of the holder of an intermediation business licence or, where a receiver or manager is appointed in relation to the business of providing intermediation business by the holder of an intermediation business licence:
Provided that the Board—
(A)
in the case of paragraph (a), may in lieu of revocation or suspension of the intermediation business licence appoint a third party to rectify the non-compliance and recover the costs of such rectification from the holder of an intermediation business licence;
(B)
in the case of a breach of any of the conditions of the intermediation business licence under paragraph (a), shall not revoke or suspend the intermediation business licence unless it is satisfied, after giving the holder of an intermediation business licence an opportunity of making any representation in writing he may wish to make, that owing to the frequency of the breach, or to the breach having been committed wilfully or the danger to the public involved in the breach, the intermediation business licence should be revoked or suspended; or
(C)
in the case of a breach of any of the provisions of this
Act under paragraph (a), or paragraph (b) or (c), shall not revoke or suspend the intermediation business licence unless it is satisfied that, after giving the holder of an intermediation business licence an opportunity of making any representation in writing he may wish to make, the intermediation business licence should be revoked or suspended.
(2)
Where an intermediation business licence—
(a)
has been revoked, it shall have no effect from the date of revocation and the holder of an intermediation business
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licence shall within fourteen days from the date of revocation of the intermediation business licence return the intermediation business licence to the Board; or
(b)
has been suspended, the holder of an intermediation business licence who continues to operate or provide an intermediation business during the period of suspension, shall be guilty of an offence and shall, on conviction, be liable to a fine of not less than one thousand ringgit but not more than ten thousand ringgit or to imprisonment for a term not exceeding one year or to both.
Transfer of licence prohibited