“(2) The Minister may also revoke, or vary the terms and conditions of, a licence granted under this Act if he is no longer satisfied that—

(a) the financial, business and organisational resources of the holder of the licence or any financial arrangements made by him are adequate for discharging his actual and potential obligations in respect of the business for which he has been granted a licence, or

(b) having regard to—

(i) the past activities of the holder of the licence or of any person employed by him or, if such licence holder is a body corporate, having regard to the past activities of any director, secretary, shareholder, officer or servant of the body corporate, or

(ii) the manner in which the holder of the licence is carrying on his business,

he is a fit and proper person to carry on business as a tour operator or travel agent, as the case may be.