21.
| (1) The Council shall. cancel or suspend the licence granted to a stock broker or a stock dealer, where the Council is satisfied that-
| | (a) the stock broker or the stock dealer has acted in breach of any provisions of this Act, or any rules or regulations made under this Act; or | | |
| | (b) the stock broker or the stock dealer has ceased to be of good financial standing; or | | |
| | (c) the stock broker or the stock dealer has since the grant of the licence, been disqualified for the grant of such licence ; or | | |
| | (d) the stock broker or the stock dealer is guilty of malpractice or irregularity in the management of his affairs. | | |
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| (2) Before the cancellation of a licence granted to a stock broker or a stock dealer in terms of the preceding subsection such stock broker or stock dealer, as the case may be, shall be given an opportunity to show cause as to why such licence should not be cancelled. |
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| (3) Where the licence granted to a stock broker or stock dealer is cancelled, it shall be the duty of such stock broker or stock dealer to forthwith surrender his licence to the Council. |
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Sri Lanka Consolidated Acts