Clause 20

an individual, if the individual dies;

a corporation, if the corporation is wound up.

in the case of a licensed person who is an individual —

on any ground on which the Authority may refuse to license under section 14(a);

if a levy of execution in respect of him has not been satisfied;

if he fails or ceases to carry on business for which he was licensed;

if, in the case of a representative, the licence of the futures broker, futures trading adviser or futures pool operator, in relation to whom the licence was granted, is revoked;

if the Authority has reason to believe that the licensed person has not performed his duties efficiently, honestly or fairly; or

if the licensed person contravenes or fails to comply with any condition or restriction applicable in respect of the licence;

in the case of a corporation —

on any ground on which the Authority may refuse to grant a licence under section 14(b);

if it is being or will be wound up;

if a levy of execution in respect of it has not been satisfied;

if it has entered into any composition or arrangement with its creditors;

if it fails or ceases to carry on the business for which it was licensed;

if the Authority has reason to believe that the licensed person, or any of its directors or employees, has not performed their duties efficiently, honestly or fairly; or

if the licensed person contravenes or fails to comply with any conditions or restrictions applicable in respect of the licence.