(1) Subject to section 108D, the Bank may cancel the registration of a person under this section only if the Bank has reasonable grounds to be satisfied of any of the following:

(a) the person registered has not commenced to carry on business as a cheque cashing office within 12 months after the date on which the person was registered;

(b) the person registered has not carried on such a business within the 6 months immediately preceding the cancellation;

(c) registration 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 person registered;

(ii) in a case where the person registered is a body corporate or 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 person registered;

(e) the person registered has contravened or is contravening the obligations imposed on it under this Chapter;

(f) the person registered has contravened or is contravening any of the following:

(i) a condition to which the registration is subject;