(1) The Commission may, subject to this Act and on notification revoke the licence of a scheme where

(a) in the opinion of the Commission die interests of die holders of the units or shares created or held under the scheme require Act; or

(b) the Commission is satisfied that die scheme as operation no longer qualifies as provided under this ACT.

(2) The Commission shall before revoking the licence notify the manager and trustee of the unit trust or the directors of the mutual fund of the intention to revoke die licence.

(3) The manager of the unit trust or die directors of die mutual fund may within thirty days of the notification make representations in writing in respect of the proposed revocation to the Commission.

(4) The Commission may revoke die licence of a scheme if

(a) after the expiration of the period die scheme has not made representations; or

(b) it is not satisfied with representations made by the scheme.

(5) The Commission shall communicate its decision to revoke the licence of the scheme within thirty days after representations have been made or if none is made, within thirty days after the last day for making the representation.