Cap. 565 Art. 31Cancellation of activities.

(1) The Regulator may order the cancellation of the registration of a family business by the issue of a cancellation order, which shall come into effect immediately.

(2) A cancellation order may be issued, at the discretion of the Regulator, if the registered family business:

(a) is not compliant with the criteria, where applicable, in the First and Second Schedule or any other provisions, rules, regulations and guidelines in accordance with this Act; or

(b) has not functioned, operated, traded or carried on business for a period which exceeds twelve consecutive months without interruption or earlier as the Regulator deems fit; or

(c) has obtained registration on the basis of materially incorrect or incomplete information that would have otherwise resulted in a refusal had the correct or complete information been known to the Regulator; or

(d) is not seeking to uphold and maintain the objectives of this Act; or

(e) the certificate of registration has been used in an incorrect manner or a forgery thereof has been committed.

(3) Prior to ordering the cancellation of the registration of a family business by the issue of a cancellation order, the Regulator shall inform the business in writing of his intentions to issue a provisions of this Act. If the business does not do so within this stipulated time period, which may be extended by the Regulator at his discretion, the Regulator shall order the cancellation of the registration of the family business in accordance with sub-article (1).

(4) The Regulator shall notify and publish, in the Gazette, any cancellation order which has become final and shall notify all competent authorities accordingly.

(5) The registration of a family business shall terminate ipso jure if the business is struck off, or ceases to operate, function, trade or carry on business under any form.