s 26
(1) The Bank may revoke an approval granted under paragraph 25(1) (c) if it appears to the Bank that— (a) the issuer has contravened or is contravening any of the provisions of this Act; (b) the issuer has contravened any restrictions, limitations or conditions of the approval; (c) the issuer has failed to comply with any guidelines, circulars, standards or notices issued by the Bank under section 70; ...— (d) the issuer has made a false or an incorrect statement in the documents or information submitted under paragraph 25(1) (a) or particulars of any change to documents and information submitted under subsection 29(1); (e) the issuer has ceased issuing the designated payment instruments for any continuous period of six months; or (f) the issuer goes into liquidation or is wound up or is otherwise dissolved. (2) The Bank shall give the issuer a reasonable opportunity to make representations before making a decision to revoke the approval.