78. The Commission may suspend or revoke a licence and confiscate the security, if any, of a licensee
(1) in any of the circumstances described in subparagraphs 1 to 5 of the first paragraph of section 77;
(2) in the cases determined under subparagraph 21 of section 103;
(3) where he does not meet the requirements for the issue of the licence or fails to comply with the conditions, restrictions, prohibitions or obligations prescribed by this Act or the rules thereunder which apply to the functions, occupations or business activities performed or carried on by him;
(4) if it has reasonable grounds to believe that he does not perform the functions or carry on the occupation or business activities for which the licence was issued with competence and integrity;
(5) if it has reasonable grounds to believe that the suspension or revocation of his licence and the confiscation of the security, if any, are necessary to ensure, in the public interest, that the functions, occupations or business activities which are subject to this Act are performed or carried on with competence and integrity.
No licensee whose licence is revoked may apply for a licence prescribed by this Act or the regulations to perform or carry on any function, occupation or business activity subject to this Act before the expiry of the period fixed by the Commission, which must not exceed five years.
1987, c. 103, s. 78; 1990, c. 46, s. 15.