12.1. The president may also suspend, cancel or refuse to issue or to renew a licence(a) if the association, partnership or person on whose account or on whose behalf the licence is applied for or is held do not prove that their financial position enables them to meet the obligations arising from the operations proper to a travel agent;
(b) if the president has reasonable grounds to believe that the association, partnership or person on whose account or on whose behalf the licence is applied for or is held is unable to ensure, in the public interest, that the operations proper to a travel agent will be performed with honesty and competence;
(c) if the association, partnership or person on whose account or on whose behalf the licence is held has failed to comply with an obligation imposed by this Act or the regulations.