The board may revoke or suspend any license if it finds or has reasonable grounds to believe that the licensee or any of his employees:

(1) has violated any provision of Chapter 27.05 A.S.C.A., or any lawful rule promulgated by the board;

(2) has made any false representation or statement to the board in order to induce or prevent action by the board;

(3) maintains a noisy, lewd, disorderly, or unsanitary establishment;

(4) knowingly has sold alcoholic beverages to persons under 21 years of age, to persons known to be drunkards, or to persons visibly intoxicated at the time of sale;

(5) any other reason which, in the opinion of the board, based on public interest, warrants canceling or suspending such license.