§ 388. Suspension and revocation of registrations. The secretary of state shall have the power to revoke or suspend any registration or deny any registration upon proof (a) that the applicant or registrant has violated any of the provisions of this article or the rules and regulations promulgated hereunder; (b) that the applicant or registrant has practiced fraud, deceit or misrepresentation; or (c) that the applicant or registrant has made a false statement in the notice of registration.