Lapse of licence
18.—(1) Unless expired or earlier revoked under section 20, a licence lapses—
- (a) if the licensee is an individual—on the date the licensee dies; or
- (b) if the licensee is a partnership or body corporate or an unincorporated association—on the date the partnership, body corporate or association ceases to exist.
(2) No part of any licence fee or other fee may be refunded to the licensee upon the lapse of a licence under this section.
Security deposit
19.—(1) The Director may, upon granting a licence, require a licensee to give a performance bond, guarantee or other form of security on the terms and conditions and of the amount that the Director considers appropriate—
- (a) to ensure that the provisions of this Act and the conditions of the licence will be duly observed; and
- (b) to meet any financial penalty arising out of any proceedings under section 20 against the licensee.
(2) If a licensee fails to pay any financial penalty ordered under section 20, the Director may enforce the payment by forfeiting the whole or any part of any security deposit placed by the licensee under this section.
Regulatory action against licensees, etc.
20.—(1) Subject to this section and section 21, the Director may, without compensation, take any regulatory action described in subsection (2) against a licensee if the Director is satisfied that—
- (a) the licence has been obtained by the licensee by fraud, or the licensee has, in connection with the application for the grant of the licence, made a statement or provided any information or document that is false, misleading or inaccurate in a material particular;
