340(1)Where a licensed exchange or attorney fails or refuses to comply with or contravenes any provision of this Act, the licence of the exchange may be suspended or revoked by the Superintendent after due notice and opportunity for a hearing before the Superintendent has been given to the exchange or its attorney, but such suspension or revocation does not affect the validity of any reciprocal contracts of indemnity or inter-insurance effected prior thereto or the rights and obligations of subscribers under such contracts.

340(2)Notice of such suspension or revocation shall be given by the Superintendent once in The Royal Gazette as soon as reasonably may be after such suspension or revocation.

340(1)Where a licensed exchange or attorney fails or refuses to comply with or contravenes any provision of this Act, the licence of the exchange may be suspended or revoked by the Minister on the report of the Superintendent after due notice and opportunity for a hearing before the Superintendent has been given to the exchange or its attorney, but such suspension or revocation does not affect the validity of any reciprocal contracts of indemnity or inter-insurance effected prior thereto or the rights and obligations of subscribers under such contracts.

340(2)Notice of such suspension or revocation shall be given by the Superintendent once in The Royal Gazette as soon as reasonably may be after such suspension or revocation.