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

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

24. Notice by Authority of intention to cancel or suspend registration

 

(1) The Authority may by written notice to the chairperson or chief executive officer of the institution concerned suspend the registration of a bank under section 23 with immediate effect, provided that the Authority must—
(a) inform the institution of his or her intention to cancel such registration;
(b) furnish the institution with the reasons for the intended cancellation; and
(c) call upon the institution to show cause within a period specified in the notice, which shall not be less than 30 days as from the date of the notice, why its registration should not be so cancelled.

[Section 24(1) substituted by section 13(a) of Act No. 22 of 2013]

 

(2) After considering any representations received within the specified period from the institution concerned by virtue of the provisions of subsection (1)(c), the Authority may in his or her discretion—
(a) proceed with the cancellation, in terms of section 23, of the registration; or

[Section 24(2)(a) substituted by section 13(b) of Act No. 22 of 2013]

(b) refrain from taking any further steps in terms of section 23,

and the Authority shall in writing inform the chairperson or chief executive officer of the institution concerned of his or her decision in terms of this subsection.

[Section 24(2) substituted by section 18(b) of Act No. 19 of 2003]