(1) The Board may revoke an authorisation under section 149 or an authorisation deemed, under section 151A(13)(a) -
(a) on being satisfied that any of the conditions for authorisation under section 149(4) have not been or are not being complied with, or
(b) where the trustees of the scheme or trust RAC make a written request to the Board for revocation of the authorisation including the reasons for that request.
(2) Before revoking an authorisation under this section the Board shall -
(a) notify the trustees of the scheme or trust RAC in writing of its intention to revoke the authorisation and of the reasons for the revocation,
(b) notify the trustees in writing that the trustees or a person acting on their behalf may make representations to the Board in relation to the intended revocation within 14 days after the date of issue of the notification, and
(c) consider any representations made under paragraph (b) before deciding whether or not to proceed with the revocation.
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