Section 28: Termination of licence

28. Termination of licence (1) Subject to any other enactment, a licence shall terminate on the date— (a) specified in the notice served in accordance with subsection (6), where a licensee surrenders its licence; (b) specified in the notice to the licensee, where the licence is terminated under section 22 (4); (c) on which the winding up order is made, or a provisional liquidator is appointed, whichever is earlier, where a licensee goes into compulsory liquidation; (d) on which the receiver is appointed, where a licensee goes into receivership, unless the Commission decides otherwise, subject to such terms and conditions as it may determine; (e) on which the receiving order is made, or an interim receiving order is made or a special manager is appointed, whichever is earlier, where a licensee is adjudged bankrupt; (f) specified in the final decision notice issued by the Enforcement Committee, where a licence is revoked. (2) Subsection (1) (f) shall be subject to section 53 (7). (3) A licensee shall forthwith inform the Commission of any winding up petition or bankruptcy petition served upon it, and of any scheme of arrangement of its affairs or composition in satisfaction of debts proposed to be entered into by the licensee. (4) No licensee shall adopt a resolution for voluntary winding up or take any step towards the dissolution of its business or transfer of its business undertaking without surrendering its licence to the Commission. [Issue 1] F10 – 18 Revised Laws of Mauritius (5) A licensee may, at any time, surrender its licence by giving prior notice in writing to the Commission. (6) A notice under subsection (5) shall specify— (a) the date on which the termination is to be effective; (b) the measures taken by the licensee for the discharge of its liabilities and transfer of the business of the clients; (c) such other matters as may be required by the Commission. (7) Where a licence terminates, it shall no longer authorise the holder thereof to carry out the activity for which the licence was issued, but the holder of the licence shall remain subject to the obligations of a licensee and to the directions of the Commission for the orderly dissolution of its business and the discharge of its liabilities. (8) The termination of a licence shall operate as the termination of the licence or similar permission granted to any agent or representative of the licensee as may be applicable. (9) The Chief Executive shall give public notice of the termination of a licence in such manner as he deems fit in the circumstances. PART V – ONGOING OBLIGATIONS OF LICENSEES