(1) The Minister may revoke an authorisation only if the Minister has reasonable grounds to be satisfied of any of the following:
(a) the holder of the authorisation has not commenced to carry on business as a trust or company service provider within 12 months after the date on which the authorisation was granted;
(b) the holder of the authorisation has not carried on such a business within the immediately preceding 6 months;
(c) the authorisation was obtained by means of a false or misleading representation;
(d) any of the following persons is not a fit and proper person:
(i) the holder of the authorisation;
(ii) in a case where the holder of the authorisation is a body corporate, a partnership or an individual carrying on business as a trust or company service provider as a partner in a partnership, any principal officer of the body corporate or partnership (as the case may be);
(iii) any person who is a beneficial owner of the business concerned;
(e) the holder of the authorisation
…