Section 46 of the Principal Act is amended by inserting after subsection (1) the following subsection:

(1A)  In the case of a licence held by a person by virtue of holding deemed registration, the Administrator may, by notice in writing given to the person, cancel the licence if the Administrator is satisfied that the person –

(a) does not have sufficient material and financial resources available to enable them to comply with the requirements of this Act; or

(b) has ceased to carry on the business to which the licence relates; or

(c) has provided any information to the Administrator that is materially false or misleading.