Section 451.305 - Protective committees, depositaries and solicitors; licenses, suspension or revocation.
PROTECTIVE COMMITTEES (EXCERPT)
Act 89 of 1933
451.305 Protective committees, depositaries and solicitors; licenses, suspension or revocation.
Sec. 5.
The commission shall have the power to suspend or revoke licenses once issued for any practices on the part of the person licensed partaking of, or actually resulting in, fraud, deception or imposition upon the holders or owners of securities whether or not such holders or owners have deposited their securities and/or consented to a protective committee agreement, and also for activity in violation of the commission's orders or rulings or the provisions of this act, or in case of members of protective committees for failure to act expeditiously in the matter with respect to which they organized: Provided, That no order of suspension or revocation of license shall be entered until the person licensed has been given a hearing on the reasons for such suspension or revocation. Upon notice of revocation, it shall be the duty of the person licensed to return the license to the commission for cancellation.
History: 1933, Act 89, Imd. Eff. May 25, 1933 ;-- CL 1948, 451.305