Section 5
Cancellation Of License
(1) The license issued pursuant to Section 4 shall be cancelled in any of the following circumstances:
(a) If it is proved that the paid-up capital of the licensed company is not ten million rupees; or
(b) If it is found that the licensed company has no branch, authorized agent or representative in at least two countries, outside Nepal; or
(c) If the licensee fails to get the license renewed pursuant to Section 4.
(2) If any licensee does any other act contrary to this Act or the rules framed under this Act, other than those mentioned in Sub-Section (1), the Department shall give a reasonable period of time and an opportunity to such licensee to rectify that act within that period. If, despite such opportunity, the licensee fails to rectify its act, the
Department shall cancel the license issued to such licensee.
Provided that, prior to so canceling the license, such licensee shall not be deprived of an opportunity to defend itself.
(a) If it is proved that the paid-up capital of the licensed company is not ten million rupees; or
(b) If it is found that the licensed company has no branch, authorized agent or representative in at least two countries, outside Nepal; or
(c) If the licensee fails to get the license renewed pursuant to Section 4.
(2) If any licensee does any other act contrary to this Act or the rules framed under this Act, other than those mentioned in Sub-Section (1), the Department shall give a reasonable period of time and an opportunity to such licensee to rectify that act within that period. If, despite such opportunity, the licensee fails to rectify its act, the
Department shall cancel the license issued to such licensee.
Provided that, prior to so canceling the license, such licensee shall not be deprived of an opportunity to defend itself.