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(1) The Board may revoke the licence or cancel the registration of a trustee, a pension fund manager or custodian, if

(a) the Board discovers that a statement was made in connection with the application which the applicant knew to be false or untrue,

(b) the trustee, pension fund manager or custodian is subject to insolvency proceedings or is likely to be wound up or dissolved;

(c) the conduct of affairs of the trustee, pension fund manager or custodian does not conform with the provisions of this Act or Regulations made under this Act;

(d) an event occurs which renders the trustee, pension fund manager or custodian ineligible to manage the pension funds or take custody of the pension fund, or

(e) the trustee, pension fund manager or custodian is in breach of a condition attached to the licence or registration.

(2) The Board shall give the trustee, pension fund manager or custodian at least twenty-eight days notice of its intention to revoke the licence or cancel the registration and shall consider representations made to it in writing by the trustee, pension fund manager or custodian within that period before revoking the licence or cancelling the registration.

(3) The notice under subsection (2) shall be in a prescribed form and specify the reasons for the revocation of the licence or cancellation of the registration.

(4) The revocation of the licence of a trustee, or cancellation of the registration of a pension fund manager or custodian does not limit the entitlements of beneficiaries under the scheme.

(5) The Board shall, suspend the power of the respective board of the trustee, pension fund manager or custodian over

(a) the pension fund and assets held or administered by the company; and

(b) appoint administrators with relevant qualifications to superintend the transfer of the assets and funds held or administered by the company and exercise the powers of the board of trustees where necessary in accordance with this Act, in the revocation order.

(6) The Board shall notify the public within seven days, through the publication in the Gazette, the electronic and print media in circulation of the list of trustees, pension fund managers and custodians whose licences or registration have been revoked or cancelled.