Banks Act, 1990 (Act No. 94 of 1990)

Chapter III : Authorisation to Establish, and Registration and Cancellation of Registration of, Banks

Purchase

(1)	The Authority may at any time prior to the registration, in terms of section 17, of a bank, revoke the authorization granted for the establishment of such a bank if the Authority is satisfied that—

[Words preceding section 14(1)(a) substituted by section 6 of Act No. 26 of 1994, with effect from 1 June 1996]

(a)	false or misleading information was furnished in the application for such authorization; or

(b)	success has not been achieved within a period of 12 months as from the date of the granting of the said authorization, with the formation, in accordance with the proposals contained in the application for the said authorization, of the proposed bank.

[Section 14(1)(b) substituted by section 10(a) of Act No. 19 of 2003]

[Section 14(1) substituted by section 25(c)(ii) of Act No. 9 of 1993]

(2)	When the Authority revokes an authorization in terms of subsection (1), he or she shall give written notice of that fact to the person to whom the authorization was granted.

[Section 14(2) substituted by section 10(b) of Act No. 19 of 2003]