Cancellation of certificate of registration

(1) A certificate of registration granted under section 78a shall be liable to be cancelled by the Director on the grounds mentioned in sub-section (2) and by an order made in writing recording the reasons for such cancellation. (2) A certificate of registration is liable to be cancelled, if the promoter or estate agent, as the case may be,- (a) surrenders the certificate of registration as he does not wish to continue carrying on the business; (b) has applied to be adjudicated or has been adjudicated an insolvent or is an undercharged insolvent; (c) has been adjudicated to be of unsound mind by a competent court; (d) has been convicted of an offence under this Act or under any law involving moral turpitude, if convicted, a period of five years has not elapsed since his conviction; and (e) has contravened any of the terms and conditions of the certificate of registration or any of the provisions of this Act or the rules made thereunder.