Section 53E: Cancellation of registration certificate

53E. Cancellation of registration certificate (1) Where a local pool promoter or an agent of a foreign pool promoter, as the case may be, terminates the Acts 2019 311 appointment of a collector, it shall forthwith notify the Board of the termination. (2) Where a notice is given under subsection (1), the Board shall cancel the registration certificate of the collector. (3) Subject to subsections (4) and (5), the Board may cancel a registration certificate where it is satisfied that – (a) the information given to the Board for the registration of the collector is false or misleading in a material particular; (b) the collector has contravened this Act; (c) the collector is not, or is no longer, a fit and proper person to act as collector; or (d) the collector has been convicted under this Act, the Financial Intelligence and Anti-Money Laundering Act or under any other enactment of an offence involving fraud or dishonesty. (4) Where the Board is of the opinion that a registration certificate should be cancelled, it shall give notice of its intention, in writing, to the collector and the local pool promoter or the agent of a foreign pool promoter, as the case may be, together with its grounds. (5) The Board shall, in the notice under subsection (4), require the collector to show cause in writing, within such time as may be specified in the notice, why the registration certificate should not be cancelled. (6) The Board shall, after considering the explanations of the collector, inform him in writing of its decision and the reasons for its decision. 312 Acts 2019