—(1) Subject to subsection (2), if any licensee —
contravenes, or fails to secure the compliance by his employees, agents or contractors with, any of the conditions of his licence or any direction given by the Authority under section 111Q;
goes into compulsory or voluntary liquidation other than for the purpose of reconstruction or amalgamation; or
makes any assignment to or enters into a composition with his creditors,
the Authority may, by notice in writing and without any compensation to the licensee or any other person, do all or any of the following:
rectify the non-compliance and recover the costs of such rectification from the licensee;
suspend or cancel the licence of the licensee;
require the licensee to pay, within a specified period, a financial penalty of such amount not exceeding $100,000 as the Authority thinks fit.
(2) The Authority shall, before taking any action under subsection (1), give the licensee notice in writing of its intention to do so and shall call upon the licensee to show cause within such time as may be specified by the Authority as to why such action ought not to be taken.
(3) Any cost recoverable from any licensee under subsection (1)(i) and any financial penalty payable by any licensee under subsection (1)(iii) shall be recoverable as a debt due to the Authority from the licensee, and the licensee’s liability to pay shall not be affected by his licence ceasing (for any reason) to be in force.