(1) The Commission may, where it is satisfied that a licensee is not complying with or has not complied with any of the conditions of his licence, suspend or cancel the licence.

(2) No suspension or cancellation shall be made under subsection (1) of this section unless the Commission has given the licensee concerned a written notice specifying in it the cause of dissatisfaction of the Commission and giving directions for rectification of the breach and the action proposed to be taken by the Commission in the event of non-compliance with the notice.

(3) The Commission shall not suspend or cancel a licence granted under this Act without first giving the licensee an opportunity of being heard and shall where considered appropriate, give him such period as the Commission considers reasonable to comply with the directions of the Commission.

(4) In determining whether it is necessary to suspend or cancel a licence granted under this Act, the Commission shall consider the extent to which any person is likely to sustain loss or damage as a result of the suspension or cancellation.

(5) A licence which is not utilised within one year from the date of its grant may be cancelled by the Commission after notice of not less than 30 days has been served on the licensee.