(1) The Board may vary, suspend or revoke a licence, if the licensee —
(a) is bankrupt or is liquidated or wound-up;
(b) is convicted of any offence;
(c) has made false representations in the application for the licence;
(d) fails to rectify the matter or matters causing the suspension of the licensee's licence within a reasonable time, and in any event, in not more than 30 days; or
(e) is carrying on, or has carried on, its business in a manner detrimental to the public interest.
(2) Where the Board believes that a ground exists to vary, suspend or revoke the licence of the licensee, the Board shall allow the licensee the opportunity to make representations, within a prescribed period, to show why the proposed action should not be taken.
(3) Subject to section 27, the Board may, by notice to a licensee, vary, suspend or revoke the licence of the licensee where the Board has reasonable grounds to believe that the licensee has breached any of the conditions stated or specified under this Act or any regulations made under this Act.
(4) A notice issued under subsection (3) shall state the following —
(a) an outline of the facts and circumstances forming the basis for such grounds;
(b) the grounds for the proposed action;
(c) the action which the Board proposes to take under this Part.