(1)  The Commissioner, by notice in writing served on the person named in an approval, may cancel the approval if –

(a) satisfied that the approval was obtained by means of –

(i) a false or misleading statement; or

(ii) a failure to disclose relevant information; or

(b) the person fails to comply with any condition specified in the approval.

(2)  The cancellation of an approval takes effect –

(a) on the day on which notice is served; or

(b) on any later date specified in the notice.

(3)  A notice is to specify the reason for the cancellation.