(1) Where the Board makes an order suspending a licence, the licence shall cease to be of any effect during the period of suspension.
(2) Where the licence is revoked, the licence shall cease to have effect and the registration of the auctioneer shall be cancelled.
(3) Any auctioneer aggrieved by the suspension or revocation under subsection (1) or subsection (2) may petition the High Court for the restoration of the licence.