Where, on appeal being duly made under sub-section (9) of section 54 of the Act, the Commissioner is satisfied that the application to the company or society ought to have been granted, or that the company or society ought to have fixed a longer period of protection, or granted a greater extension of such period, or that the period of protection ought not to be terminated or shortened, he may make an order requiring the company or society to grant the application, or fix or extend a period of protection, as determined by him, and to endorse the policy in question, or serve upon the appellant a notice, to that effect, or to withdraw the notice served pursuant to paragraph (2) of Regulation 4, as the case may be.