(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.