1974-HKRS28-16-22_Part01 — Page 49

Revocation

and suspen- sion of

certificates

of registra- tion in certain cases.

(p. 136.)

46

(5) On granting an application under this section, the Com- missioner shall issue the appropriate certificate of registration which shall be valid for a period of 12 months from the expiry of the certificate of registration held by the applicant at the time of his application.

(6) Nothing in this section shall be construed as preventing a certificate of registration that has been renewed from being further renewed for a further period of 12 moglbs.

(7) The Commissioner shall not refuse an application for renewal of registration under this section without first giving the applicant an opportunity of being heard.

(8) Where the Commissioner refuses an application for renewal of registration under this section, he shall notify the applicant in writing of that fact and shall include in the notice a statement of the reasons for the refusal.

55. (1) Where any registered person-

(0) being an individual, dies; or

(6) being a corporation, is dissolved,

the registration of that person is deemed to be revoked.

(2) The Commissioner may revoke the registration of a registered person or, if he thinks it appropriate to do so, suspend the registration of such a person for such time, or until the happening of such event, as he may determine–––

(2) in the case of a registered person who is an individual,

if that person~

(i) becomes a mentally disordered person or a patient, as defined in section 2 of the Mental Health Ordinance: (i) becomes bankrupt, or compounds with his creditors or makes an assignment of his estate for their benefit;

(ii) is convicted, whether in Hong Kong or elsewhere. of an offence the conviction for which necessarily involved a finding that he acted fraudulently or dis- honestly:

(iv) is convicted of an offence against this Ordinance; (v) ceases to carry on business in Hong Kong; or (vi) is registered as a representative and the registra- tion of the dealer or investment adviser, in relation to

47

whom the certificate of registration of the representative was granted, is revoked or suspended; or

(b) in the case of a registered person that is a corporation

if-

(i) the corporation goes into liquidation or is ordered to be wound up:

(ii) a receiver or manager of the property of the cor- poration is appointed;

(iii) the corporation has ceased to carry on business: (iv) a levy of execution in respect of the corporation has not been satisfied;

(v) the corporation has entered into a compromise or scheme of arrangement with its creditors;

(vi) any director of the corporation is convicted, whether in Hong Kong or elsewhere, of an offence the conviction for which necessarily involved a finding that be acted fraudulently or dishonestly;

(vii) any director of the corporation is convicted of an offence against this Ordinance;

(viii) a director, secretary, or other person concerned in the management of the corporation who is required to be registered under this Part is not so registered or the registration of such a director, secretary, or other person has been revoked or suspended.

(3) The Commissioner may revoke a certificate of registra- tion at the request of its holder.

(4) The Commissioner may at any time remove the suspen- sion of the registration of a registered person if it appears to him desirable to do so.

(5) Every decision of the Commissioner revoking or suspend- ing the registration of a person shall take effect from the time that it is notified to that person.

56. (1) The Commissioner may inquire into any allegation- (a) that a registered person. whether an individual or

corporation--

Powers of Commis- sioner in

relation to misconduct

(i) has not provided the Commissioner, whether be- etc. fore or after becoming registered under this Ordinance. with such information relating to him, and to any