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(1) The Authority may suspend or cancel a licence granted under the Act for any of the following reasons:

(a) where the Authority is satisfied that the operator has not complied with or is not complying with the terms of its licence, the Act, these Regulations or directives and reporting requirements of the Authority;

(b) the operator does not fulfill expansion requirements, if any, set out in its licence·

(c) the operator does not pay duly and punctually the fees and penalties required under its licence or these Regulations;

(d) Where any statements representations or warranties made in applying for a licence prove to be incorrect or untrue when it was made;

(e) the operator fails to renew or to keep any letter of credit or bond required as guarantee of the obligations under the licence; or

(f) The operator is dissolved or enters into liquidation, bankruptcy or equivalent proceedings or makes an assignment for the benefit of creditors.

(2) No suspension or cancellation shall be made unless the Authority has

(a) given the operator at least 30 days' written notice stating the cause of dissatisfaction of the Authority:

(b) Given such other information as may he required under the terms of the licence.

(3) A copy' of the notice shall be delivered to the operator and 'may be published in the Gazette and in such other newspaper of national circulation as the Authority may determine.

(4) The Authority may suspend or cancel a Iicence unless it follows the procedure set out in the regulations 119 and 120.