(1) The Bank may -

(a) revoke an approval of the rules of an exchange if the exchange to whom it was granted so requests,

(b) with the consent of the Minister, revoke an approval of the rules of an exchange if -

(i) the exchange -

(I) has not commenced to operate within 12 months of the date on which the approval was granted, or

(II) has ceased operating and no trading or dealing has been carried on on the exchange during a period of more than 6 months immediately following the cesser,

(ii) being a company, the exchange is being wound up,

(iii) the exchange (being an existing exchange) or the promoter of a proposed exchange has obtained the approval of the Bank through false statements or any other irregular means,

(iv) the exchange becomes unable to meet its obligations to creditors or suspends payment lawfully due by the exchange or by any member thereof,