(1) The Secretary may, by notice in writing given to the holder of a licence, revoke the licence if the holder has¡X
(a) contravened this Ordinance;
(b) failed to comply with a condition of the licence;
(c) failed to pay a financial penalty;
(d) gone into liquidation; or
(e) entered into a composition or arrangement with its creditors.
(2) The Secretary may also, by notice in writing given to the holder of a licence, revoke the licence if the Secretary is no longer satisfied that the holder, or any of the directors, principal officers or controllers of the holder, is a fit and proper person for the purpose of section 6GB, 6I or 6X, as the case may be. (Amended 17 of 2006 s. 18)
(3) The notice shall specify¡X
(a) the reasons for revoking the licence; and
(b) the date on which the revocation is to take effect.
(4) Before revoking a licence, the Secretary shall¡X
(a) give the holder of the licence a reasonable opportunity to make representations; and
(b) consider the representations, if any.
(5) The Secretary shall not revoke a licence under this section unless, in all the circumstances of the case, the revocation is proportionate and reasonable in relation to the reason that gave rise to the revocation.