Malaysia legislation
Section 8
Section 8
Revocation of licence
(a)
the licensee has failed to comply with any obligation imposed upon it by or under this Act or the regulations;
(b)
the licensee has contravened any of the conditions imposed under the licence, or any other provision of the licence, or any provision of this Act or the regulations, regardless that there has been no prosecution for an offence in respect of such contravention;
(c)
the licensee or any person who is or is to be a director, manager, secretary or other similar officer of the licensee has, either in connection with the application for the licence, or at any time after the grant of the licence, provided false, misleading or inaccurate information to the Controller;
(d)
the interests of persons dealing with the licensee or the interests of its purchasers are in any way threatened, whether by the manner in which the licensee is conducting or proposes to conduct its business or for any other reason;
(e)
the licensee has ceased to carry on any one or more of the fields of business for which it is licensed;
Direct Sales and Anti-Pyramid Scheme 15
(f)
a compromise or arrangement with creditors has been made in respect of the licensee;
(g)
a receiver or manager of the licensee’s business has been appointed; or
(h)
possession has been taken, by or on behalf of the holders of any debenture secured by a charge, of any property of the licensee comprised in or subject to the charge.
(2)
The Controller shall revoke a licence granted to a licensee under section 6 if he is satisfied that—
(a)
a winding up order has been made against it; or
(b)
a resolution for its voluntary winding up has been passed.
Imposition of restrictions in lieu of revocation of licence