The board may suspend or revoke any certificate of registration issued under this chapter for any of the following reasons:
(1) The revocation or suspension of the certificate practice as a physician's assistant 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, stockholder, 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 of registration has failed to comply with the provisions of this chapter or the rules prescribed by the board.