Section 10
of Money-Changing and Remittance Businesses Act
Section 10
(1)
The Authority may, by order, revoke a licence if it
Revocation of is satisfied that the licensee -
a licence
(a)
has ceased to carryon the business for which he has been licensed or, if the licensee is a company, goes into liquidation or is wound up or otherwise dissolved;
(b)
is contravening or has contravened any of the provisions of this Act;
(c)
has failed to comply with or observe any of the conditions of his licence;
(d)
has made a false or incorrect statement in his application for a licence;
B.L.R.O.111999
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Money-Changing and Remittance Businesses
(e)
has carried on or is carrying on business in a manner likely to be detrimental to the interests of the public o.rhis customers; or
(j)
has been convicted of any offence involving dishonesty or moral turpitude or, if the licensee is a company, any of its officers holding a managerial or an executive position has been convicted of any offence involving fraud or moral turpitude.
(2)
The Authority shall, before revoking any licence under subsection (1), give the licensee notice in writing of his intention to do so, specifying a date, not less than 30 days after the date of the notice, upon which the revocation shall take effect and calling upon the person concerned to show cause to the Authority why the licence should not be revoked.
(3)
When the Authority has revoked a licence under subsection (I), he shall forthwith inform the licensee by notice in writing of the revocation.
(4)
The licensed may, within 30 days of the receipt of the notice referred to in subsection (3), or within such extended period of time as the High Court may allow, appeal against the revocation to the High Court, which may make such order thereon as it thinks proper, including any direction as to the costs of the appeal.