Malaysia legislation
Section 13
Section 13
(a)
the individual licensee has failed to comply with any provisions of this Act or its subsidiary legislation;
(b)
the individual licensee has failed to comply with any of the conditions of the individual licence;
(c)
the individual licensee had improperly or illegally obtained the individual licence;
(d)
the individual licensee has been convicted of an offence under this Act or its subsidiary legislation;
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(e)
a receiver, receiver and manager, provisional liquidator or like official has been appointed over the whole or substantial part of the individual licensee’s assets and such appointment is not revoked or annulled within a period of sixty days from the date of such appointment;
or
(f)
there has been any act or default on the part of the individual licensee or there has been a change of circumstances such that the individual licensee would no longer be entitled to be granted an individual licence under this Act.
(2)
Before the Minister makes a decision under subsection (1), the Commission shall give the individual licensee—
(a)
a written notice of the Minister’s intention to revoke the individual licence; and
(b)
an opportunity to make written submissions within a period specified in the written notice which shall not be less than thirty days.
(3)
After the expiry of the period specified in the notice, the
Minister shall, after considering any written submission made by the individual licensee and having due regard to any recommendation of the Commission, decide whether or not to revoke the individual licence.
(4)
The Commission shall give the individual licensee a written notice of the Minister’s decision under subsection (3) as soon as practicable.
(5)
The individual licensee shall not be entitled to any form of compensation from the Minister or the Commission if the individual licence is revoked in accordance with subsection (1).
Effective date of revocation of individual licence