Section 12
Revocation of certificate of authorization
The Registrar may revoke the certificate of authorization issued under section 10 if—
(a)
the management company has contravened any provision of this Act;
(b)
the management company has contravened any provision of the Companies Act 2016;
(c)
the management company has failed to comply with any conditions imposed by the Registrar under subsection 10(2);
(d)
it is desirable in the interest of interest holders or potential interest holders to do so; or
(e)
the scheme is used for unlawful purposes or for purposes prejudicial to public peace, welfare or good order or contrary to the national security or interest.
(2)
Before revoking the certificate of authorization, the Registrar may serve on the management company a notice requiring the management company to show cause within thirty days from the date of the notice as to why the certificate of authorization should not be revoked.
(3)
The Registrar shall revoke the certificate of authorization and shall cause the particulars relating to the scheme to be removed from the register, if—
(a)
the reply to the show cause notice issued under subsection (2) is not received within thirty days from the date of the notice; or
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(b)
after considering the reply to the show cause notice issued under subsection (2), the Registrar is not satisfied with the cause shown.
(4)
Upon revocation of a certificate of authorization under subsection (3), the Registrar shall have the power to direct the management company to—
(a)
compensate any person who have purchased any interest in the scheme;
(b)
restrain the management company from carrying on the activities under paragraph 9(5)(c); or
(c)
comply with any other direction that the Registrar thinks fit.