(1) Where it appears to the Registrar that the assets of any company fall below the amount required for solvency by section 34 the Registrar, after giving the company not more than 30 days to be heard by him or her, may—
(a) withdraw the company's certificate of registration;
(b) on such terms and conditions as he or she considers necessary, specify a time not exceeding 3 months within which the company shall make good the deficiency; or
(c) where the admissible assets of the company are less than its total liabilities, including the reserves calculated in accordance with sections 136 and 137 or where the company has contravened the requirements of section 139, withdraw its certificate of registration.
(2) Where a company fails to make good a deficiency within the time specified by the Registrar under subsection (1)(b), the Registrar shall withdraw the certificate of registration of the company.