In the event of the revocation or suspension of a license issued to a real estate firm, franchise, partnership, association, or corporation, the license issued to the principal real estate broker, or any member of a partnership or director or officer of an association or corporation, shall be summarily revoked or suspended by the Mayor, unless:
(1) In a partnership, the connection with the member whose license has been revoked or suspended is severed within the time prescribed by the Mayor, and his or her participation in the partnership’s activities is terminated; or
(2) In an association or corporation, the director or officer whose license has been revoked or suspended is discharged and he or she has no further participation in the association’s or corporation’s activities.