(1) The Bank may -

(a) submit a proposal to the ECB to withdraw a Class 1 authorisation if the holder of the Class 1 authorisation so requests,

(b) submit a proposal to the ECB to withdraw a Class 1 authorisation if the holder of the authorisation -

(i)

(I) has not commenced activities within twelve months of the date on which the authorisation was granted, or

(II) has ceased activities and has not resumed activities during a period of more than six months immediately following the cesser,

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

(iii) is an undertaking having its registered office and its head office both located in the State, which is being duly wound up or otherwise dissolved,

(iv) has obtained the authorisation through false statements or any other irregular means,