7.1 The Central Bank by a resolution of its Board shall have the right at any time to revoke, vary, restrict or withdraw any condition imposed on any licence after obtaining the comments of the licensed person on the reasons calling for such revocation, variation, restriction or withdrawal.

7.2 The Central Bank by a resolution of its Board shall have the right to revoke the licence if:

1. It appears to the Central Bank that there has been a breach of any of the continuing obligations referred to in Article 8 herein below, or if any condition of the licence is not complied with; or
    
2. The licensed person is in breach of these Regulations or Federal Law No.(10) of 1980 or any instructions or circulars issued by the Central Bank or if any of the conditions of the licence is not fulfilled or is incapable of fulfillment; or
    
3. The Central Bank has been provided with false, misleading or inaccurate information by or on behalf of the licensed person or any director, controller or manager of it; or
    
4. The interests of customers or potential customers of the licensed person are in any way threatened, whether by the manner in which the licensed person is conducting or intends to conduct its business or for any other reason; or
    
5. An order for the liquidation of the business of the licensed person or any of its major shareholders has been made by a competent judicial authority; or
    
6. A judicial receiver or manager or any similar officer of the licensed person's undertaking has been appointed; or
    
7. A bankruptcy order or judgement has been made in respect of the licensed person; or
    
8. The licensed person did not commence its exchange business within six months from the date of licence; or
    
9. The licensed person suspends its activities for a period of three consecutive months; or
    
10. The licensed person, in the opinion of the Central Bank, is unable to pay its debts as they fall due or the value of its assets is, in the opinion of the Central Bank, less than the amount of its liabilities, taking into account its contingent and prospective liabilities; or
     
11. Execution or other process is issued on a judgment decree or order to sell his assets or part thereof by any court and is returned unsatisfied in whole or in part; or
     
12. The relevant local authorities withdrew any licence issued in favour of the licensed person.