Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 826

826. (1) Subject to section 837, the Commission may, by written order, revoke
a licence if:

   (a)  the application for the licence contained matter that was false in a
        material particular or materially misleading;

   (b)  there was an omission of material matter from the application for the
        licence;

   (c)  the licensee contravenes a securities law;

   (d)  the licensee contravenes a condition of the licence;

   (e)  the licensee is a natural person and the Commission has reason to
        believe that he or she is not of good fame and character;

   (f)  the licensee is a body corporate and the Commission is satisfied that
        the educational qualifications or experience of a person who:

        (i)    is an officer of the body; and

        (ii)   was not an officer of the body when the licence was granted;
are or is inadequate having regard to the duties that the officer performs, or
will perform, in connection with the holding of the licence;

   (g)  the licensee is a body corporate and the Commission is satisfied that:

        (i)    an officer of the body performs, or will perform, in connection
               with the holding of the licence, duties that are or include
               duties (in this
paragraph called the "different duties") other than those having regard to
which the Commission was satisfied, before granting the licence, that the
officer's educational qualifications and experience were adequate; and

        (ii)   the officer's educational qualifications or experience are or
               is inadequate having regard to the different duties;

   (h)  the licensee is a body corporate and:

        (i)    a licence held by a director, secretary or executive officer of
               the body is suspended or revoked; or

        (ii)   an order is made under section 830 against such a director,
               secretary or executive officer;

   (j)  the Commission has reason to believe that the licensee has not
        performed efficiently, honestly and fairly the duties of a holder of a
        dealers licence or an investment advisers licence, as the case
        requires; or

   (k)  the Commission has reason to believe that the licensee will not
        perform those duties efficiently, honestly and fairly.

(2) In determining whether or not it has reason to believe as mentioned in
paragraph (1) (e) or (k) in relation to a licensee, the Commission is not
precluded from having regard to a matter that arose before the time when the
licence was granted unless the Commission was aware of the matter at that
time.