Whenever the director of the division is satisfied that any owner has failed to comply with any of the provisions of any agreement, rule or regulation made by the board under the provisions of this act, the owner shall be so notified in writing by the director of the division, and the board, after a hearing, if so desired, may, in its discretion, forfeit the owner’s rights or interest acquired, if any, under the provisions of this act. When such rights or interests are so forfeited, they shall not be restored except under regulations of the board as shall be provided for that purpose.

L.1946, c. 257, p. 895, s. 6. Amended by L.1950, c. 9, p. 31, s. 3.