Commonwealth Numbered Acts

SECURITIES INDUSTRY ACT 1980 No. 66, 1980 - SECT 59

59. (1) Where-

   (a)  the holder of a licence, being a natural person-

        (i)    becomes bankrupt, applies to take the benefit of a law for the
               relief of bankrupt or insolvent debtors, compounds with his
               creditors or makes an assignment of his remuner- remuneration
               or any part of his property for their benefit;

        (ii)   is convicted of an offence involving fraud or dishonesty
               punishable by imprisonment for a period of or exceeding 3
               months; or

        (iii)  becomes incapable through mental infirmity of managing his
               affairs;

   (b)  the holder of a licence, being a body corporate-

        (i)    is commenced to be wound up, is under official management or
               has ceased to carry on business;

        (ii)   is a body corporate in respect of the property of which a
               receiver, or a receiver and manager, has been appointed whether
               by the Court or otherwise; or

        (iii)  has entered into a compromise or scheme of arrangement with its
               creditors;

   (c)  the holder of a licence fails to comply with the provisions of section
        56, 57 or 78; or

   (d)  the holder of a licence requests the Commission to revoke the licence,
        the Commission may revoke the licence.

(2) Where a director or secretary of, or a person concerned in the management
of, a body corporate that is the holder of a dealers licence or an
investment advisers licence contravenes or fails to comply with this Act by
reason that he does not hold a licence or a licence held by such a director,
secretary or person is suspended, the Commission may revoke the licence held
by the body corporate.

(3) If, in a case to which paragraph (1) (a) or (b) or sub-section (2)
applies, the Commission considers it desirable to do so, the Commission may,
instead of revoking a licence, suspend the licence for a specified period and
may at any time remove such a suspension.

(4) Where a dealers licence or an investment advisers licence is revoked or
suspended, the holder of a representatives licence in which a person who is or
was the holder of the dealers licence or investment advisers licence is
specified as a person on whose behalf the holder of the representatives
licence may act shall not, where the first-mentioned licence is revoked, act
on behalf of that person or shall not, where the first-mentioned licence is
suspended, so act during the period of the suspension.

Penalty: $2,500 or imprisonment for 6 months, or both.