(a) The Arkansas State Medical Board may suspend or revoke any certificate of registration for any of the following reasons:
(1) The revocation or suspension of the license to practice medicine of any officer, director, shareholder, or employee not promptly removed or discharged by the corporation;
(2) Unethical professional conduct on the part of any officer, director, shareholder, or employee not promptly removed or discharged by the corporation;
(3) The death of the last remaining shareholder; or
(4) Upon finding that the holder of a certificate has failed to comply with the provisions of this subchapter or the regulations prescribed by the board.
(b) (1) Before any certificate of registration is suspended or revoked, the holder shall be given written notice of the proposed action and the reasons therefor and shall be given a public hearing by the board with the right to produce testimony concerning the charges made.
(2) The notice shall also state the place and date of the hearing which shall be at least five (5) days after service of the notice.