Clause 7

by deleting paragraph (a) of subsection (1) and substituting the following paragraph:“(a)has ceased to carry on money-changing or remittance business, as the case may be;”;

by deleting the word “or” at the end of paragraph (e) of subsection (1);

by deleting the full-stop at the end of paragraph (f) of subsection (1) and substituting the word “; or”, and by inserting immediately thereafter the following paragraph:“(g)is adjudicated a bankrupt or, if the licensee is a company, proposes to make, or has made, any composition or arrangement with its creditors or has gone into liquidation or has been wound up or otherwise dissolved.”; and

by deleting subsections (2) to (6) and substituting the following subsections:“(2) The Authority shall not make an order under subsection (1) without first giving the licensee an opportunity of being heard.(3) An order of revocation shall not take effect until the expiration of 30 days after the date on which the Authority has served the order on the licensee or, where the licensee has made an appeal pursuant to subsection (4), until the order of revocation, is confirmed by or the appeal is dismissed by the Minister or the appeal is withdrawn.(4) A licensee who is aggrieved by an order of revocation of the Authority may appeal to the Minister and no appeal shall be made to the Minister after the expiry of 30 days of the service of the order of revocation on the licensee.(5) In any appeal under this section, the decision of the Minister shall be final and shall be given effect to by the Authority.”.