Statistics Act, 1999
R 385
Mutual Banks Act, 1993 (Act No. 124 of 1993)Chapter III : Authorization to Establish, and Registration and Cancellation of Registration of, Mutual Banks21. Cancellation or suspension of registration by Registrar |
| (1) | The Registrar may, subject to the provisions of section 22, in the case of a mutual bank registered as such, by notice in writing to the institution concerned cancel, or suspend on such conditions as the Registrar may deem fit, such provisional registration if the institution has not conducted any business as a mutual bank during the period of six months commencing on the date on which the institution was registered as a mutual bank. |
[Section 21(1) substituted by section 290, item 7(a) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
| (2) | The Registrar may, subject to the provisions of section 22, in the case of a mutual bank registered as such, by notice in writing to the institution concerned cancel, or suspend on such conditions as the Registrar may deem fit, such registration if— |
[Words preceding section 21(2)(a) substituted by section 290, item 7(b) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
| (a) | it has, in the opinion of the Registrar, been obtained on the strength of untrue or misleading information furnished by any person and such person has, on account of having so furnished such information, been convicted of an offence in terms of section 18;or |
| (b) | the institution concerned has failed to comply— |
| (i) | with a prescribed condition or a further condition, contemplated in section 15(1), to which its registration is subject: or |
| (ii) | with a condition imposed by the Registrar under section 15(2). |
| (3) | The Registrar may, subject to the provisions of section 22, in the case of a mutual bank registered as such, by notice in writing to the institution concerned cancel such registration if the institution has ceased to conduct business as a mutual bank or is no longer in operation. |
[Section 21(3) substituted by section 290, item 7(c) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
