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Provisions in relation to contracts generally under Act.
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55.—(1) Without prejudice to any specific provision of this Act, or of a contract thereunder, in that behalf, the Commission may terminate or suspend for such period as it specifies any contract entered into by it under this Act—
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(a) if any false or misleading information was given to the Commission by or on behalf of the holder of the contract before it was entered into, or
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(b) if the holder of the contract, has, in the opinion of the Commission, failed on one or more occasions to comply with a term or condition of the contract and the nature of that failure is of such seriousness as, in the opinion of the Commission, warrants the termination or suspension by it of the contract.
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(2) A contract terminated or suspended under this or any other provision of this Act, or pursuant to a provision of that contract, shall, in case it is terminated, cease to have effect and, in case it is suspended, cease to have effect for the period for which it is suspended.
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(3) A contract under this Act may contain such terms and conditions as the Commission considers appropriate and specifies in the contract.
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(4) Without prejudice to the generality of subsection (3) or any other provision of this Act, a contract under this Act may include—
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(a) terms or conditions with respect to—
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(i) the period during which the contract shall continue in force,
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(ii) whether the contract may be renewed and, if so, the manner in which, the terms on which, and the period for which, the contract may be renewed,
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and
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(b) a condition prohibiting the assignment of the contract or any interest therein.
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