(1) The Board may suspend or revoke the licence of a scheme where the Board is satisfied that the scheme

(a) has in any manner acted fraudulently;

(b) has lost its financial ability to continue to operate;

(c) is not operating in ,accordance with good administrative and accounting practices and procedures; or

(d) has failed to comply with a provision of the Act, the Regulation for any other enactment applicable to the scheme.

(2) The Board shall before suspending or revoking the licence, give the scheme notice of the default and provide it an opportunity to make representations to the Board.

(3) Where a licence expires, is revoked or suspended, the Authority may apply to a Court for an order to protect and preserve the contribution of members and for an order that the Court considers appropriate having regard to the best interest of members of the scheme.