13. Section 21 of the principal enactment is hereby amended as follows:-
| (1) in subsection (2) of that section by the substitution for the words '"Before the cancellation of a licence ", and for the words " should not be cancelled " of the words " Before the cancellation or suspension of a licence", and of the words " should not be cancelled or suspended ", respectively ; |
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| (2) by the addition at the end of that section of the following new subsections :"
| | " (4) where the Commission is satisfied that a licensed stock broker or stock dealer has contravened the provisions of paragraph (a) or (b) or (c) or (d) of subsection (1) and that such contravention is not of a serious nature, it may in lieu of acting under subsection (1), direct such licensed stock broker or stock dealer to take whatever action that the Commission may consider appropriate to"
| | | (a) rectify or set right the condition resulting from such, contravention ; or |
| (b) comply with the provisions of this Act or any rule or regulation made under this Act or to desist from continuing such contravention. |
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| | (5) The giving of a direction by the Commission, to a licensed stock broker or stock dealer under subsection (4) shall not affect or prejudice the institution or maintenance of a prosecution against such licensed stock broker or stock dealer for an offence under this Act. ". | | |
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Sri Lanka Consolidated Acts