(1) The Bank of Ghana may revoke a licence granted to a bank under section 8, if it is satisfied that

(a) it has, in connection with the application for the licence, been provided with false, misleading or inaccurate information by or on behalf of the applicant bank or that material information has been suppressed, or

(b) the bank has failed to fulfill or comply with the terms and conditions stipulated in the licence, or

(c) the bank has failed to commence business within one year from the date the licence was issued.

(2) The power to revoke a licence in terms of subsection (1) are in addition to and without prejudice to the powers given under section 63 to revoke a licence or take any other penal action under this Act.