(1) An authorisation held by an undertaking whose head office is situated in the State may be revoked if the holder -
(a) no longer fulfils the conditions required by these Regulations for the granting of an authorisation,
(aa) was convicted of an offence under section 37 or 38 of the Insurance Act, 1989, and, either, the holder did not appeal against the conviction or the conviction was affirmed on appeal
(b) has been unable, within the time allowed, to take the measures contained in the restoration plan or finance scheme referred to in Article 17 or 20 (1) of these Regulations, or
(c) fails seriously in its obligations under these Regulations.
(2) Where an authorisation is revoked under subarticle (1) of this Article, the following provisions shall apply: -
(a) the Bank shall notify the revocation to the supervisory authorities of any other member State in which the undertaking carries on business;
(b) the Bank shall restrict the free disposal by the undertaking of its assets in