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(1) Nothing in this Part prevents the Commission from suspending the licence of any unit trust or mutual fund subject to such conditions as the Commission shall specify in writing.

(2) The Commission shall-

(a) before suspending a licence notify the unit trust or mutual fund of its intentions; and

(b) by the notice, invite the unit trust or mutual fund to make, within a period of not more than thirty days from the date of the service of the notice, any representations it may desire to make in respect of the suspension of the licence.

(3) The Commission may revoke the licence of the unit trust or mutual fund if

(a) after the expiration of the period the unit trust or mutual fund has not made any representations; or

(b) it is not satisfied with representations made by the unit trust or mutual fund. [As substituted by Securities Industry (Amendment) Act, 2000 (Act 590) s. 10]