(1) The Bank may -

(a) revoke an approval of the rules of a payment system if the system to which it was granted so requests,

(b) with the consent of the Minister, revoke an approval of the rules of a payment system, if -

(i) the system -

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

(II) has ceased operating for a period of more than one month,

(ii) the payment system being a company, the company is being wound up,

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

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

(v) since the grant of the approval, the circumstances relevant to the grant have changed and are such that, if an application for an approval were made in the changed circumstances, it would be refused.