(1) The Minister may cause to be served on a body corporate a written notice requiring the body to show cause, at a hearing before a specified person, why the body's approval as a futures association should not be suspended or cancelled on specified grounds. (2) A notice under subsection (1) must specify, and give reasonable notice of, the time and place at which the hearing is to occur, but the specified person may, with the body's consent, fix a different time, a different place, or both, for the hearing. (3) Where a notice is served under subsection (1), the specified person must, after giving the body an opportunity to be heard at the hearing, submit to the Minister a report about the hearing and a recommendation about the matters to which the notice related. (4) After considering a report and recommendation under subsection (3), the Minister may:

(a)

decide to take no further action in relation to the matter; or

(b)

by writing, suspend for a specified period, or cancel, the body's approval as a futures association.

(5) A body corporate is taken not to be a futures association at any time during a period for which the body's approval as a futures association is suspended. (6) A body corporate's approval as a futures association must not be suspended or cancelled except under this section.