(1) The Bank may withdraw a waiver granted to a person (in this paragraph called the "undertaking") under Regulation 35(2) -
(a) if the undertaking -
(i) does not begin to engage in the business of providing payment services in accordance with the waiver within 12 months, expressly renounces the waiver or ceases to engage in that business for more than 6 months,
(ii) obtained the waiver through false statements or any other irregular means,
(iii) no longer qualifies as a small payment institution, or
(iv) would constitute a threat to the stability of the payment system by continuing its payment services business, or
(b) on being satisfied on reasonable grounds that -
(i) the undertaking has contravened or is contravening, or has failed or is failing to comply with, a provision of this Part, a condition of the authorisation or a requirement imposed by or under this Part,
(ii) in the case of a partnership, the partnership is dissolved by the death or bankruptcy of a partner or becau