106O.— The Bank shall revoke a registration on the application of the holder of the registration, but only if satisfied that the holder of the registration has fully complied with each of the following:

(a) any conditions of the registration;

(b) any prescribed requirements referred to in section 106M;

(c) section 106N;

(d) section 106Q;

(e) section 106Y,

and if satisfied that the persons in management positions have complied with their obligations to be fit and proper persons.]