Cap. 615 Art. 10Surrender, suspension or cancellation of a licence.

(1) A licensee may at any time surrender his licence by forwarding a written notice to that effect, together with the licence, to the Board.

(2) Licensees may at any time notify the Board that they do not intend to keep operating through a partnership as envisaged under sub-articles (4) and (5) of article 3 by forwarding a written notice to that effect to the Board.

(3) The Board shall endorse on the notice the date on which it receives the notice, and the licence or authorisation shall, as from that date, cease to have effect.

(4) The surrender of a licence or authorisation under this article shall not affect the licensee’s or partnership liability, as the case may be:

(a) to pay any fees or other money payable or to be payable in accordance with this Act on or before the date on which the licence would, but for its surrender, expire;

(b) to perform any obligation required to be performed under this Act on or before that date;

(c) for any act done or default made before the date on which the licence or authorisation ceased to have effect.

(5) A licence or authorisation may be cancelled or suspended by the Board in any of the following instances:

(a) where it determines that the licensee no longer fulfils or meets the requirements of, or has contravened, any of the provisions of this Act or of any rules issued thereunder, or has failed to satisfy or comply with any obligation or condition to which the licence is subject by virtue of or under this Act;

(b) where any beneficial owner, member of the board of directors or partner, of a partnership formed for the purpose of sub-articles (4) or (5) of article 3, no longer meets the conditions set out in article 5(5):

Provided that without prejudice to the generality of this sub-article, the Board shall be entitled to cancel or suspend a licence or authorisation whenever it receives any adverse information from any other authority including other authorities responsible for the supervision and enforcement of any other obligations to which the exercise of the activity of property broker or real estate agent may be subject to;

(c) where a partnership formed for the purposes of sub-articles (4) or (5) of article 3 is to be dissolved and consequently wound up.

(6) In the circumstances referred to in sub-article (4), the Board may instead of the suspension or cancellation of a licence or authorisation, order the removal and replacement of any such person who may be involved in the partnership.

(7) When the Board decides to suspend or cancel a licence or authorisation, it shall inform the licensee or licensees and state in the notice the grounds for its decision.