(1) The securities commissioner may by order deny, suspend, or revoke any registration if he finds (a) that the order is in the public interest and (b) that the applicant or registrant or, in the case of a broker-dealer or investment adviser, any partner, officer, or director, any person occupying a similar status or performing similar functions, or any person directly or indirectly controlling the broker-dealer or investment adviser:

1. (i) has filed an application for registration which as of its effective date, or as of any date after filing in the case of an order denying effectiveness, was incomplete in any material respect or contained any statement which was, in light of the circumstances under which it was made, false or misleading with respect to any material fact;
2. (ii) has wilfully violated or wilfully failed to comply with any provision of this chapter or a predecessor law or any rule or order under this chapter or a predecessor law;
3. (iii) has been convicted, within the past ten years, of any misdemeanor involving a security or any aspect of the securities business or any felony;
4. (iv) is permanently or temporarily enjoined by any court of competent jurisdiction from engaging in or continuing any conduct or practice involving any aspect of the securities business;
5. (v) is the subject of an order of the securities commissioner denying, suspending, or revoking registration as a broker-dealer, agent, investment adviser, or investment adviser representative;
6. (vi) is the subject of an order entered within the past five years by the securities administrator of any other state or by the Securities and Exchange Commission denying or revoking registration as a broker-dealer, agent, investment adviser, or investment adviser representative or the substantial equivalent of those terms as defined in this chapter, is the subject of an order of the Securities and Exchange Commission suspending or expelling him from a national securities exchange or national securities association registered under the Securities Exchange Act of 1934 or is the subject of a United States post office fraud order; but (1) the securities commissioner may not institute a revocation or suspension proceeding under this item (vi) more than one year from the date of the order relied on and (2) he may not enter an order under this item (vi) on the basis of an order under another state act unless that order was based on facts which would currently constitute a ground for an order under this section;
7. (vii) has engaged in dishonest or unethical practices in the securities business;
8. (viii) is insolvent, either in the sense that his liabilities exceed his assets or in the sense that he cannot meet his obligations as they mature, but the securities commissioner may not enter an order against a broker-dealer or investment adviser under this item (viii) without a finding of insolvency as to the broker-dealer or investment adviser; or
9. (ix) is not qualified on the basis of such factors as training, experience and knowledge of the securities business, except as otherwise provided in Section 35-1-530.

(2) The securities commissioner may by order deny, suspend, or revoke any registration if he finds (a) that the order is in the public interest and (b) that the applicant or registrant has failed:

1. (i) reasonably to supervise his agents if he is a broker-dealer or his employees if he is an investment adviser; or
2. (ii) to pay the proper filing fee; but the securities commissioner may enter only a denial order under this item (ii), and he shall vacate any such order when the deficiency has been corrected.