Banks Act, 1990 (Act No. 94 of 1990)Chapter III : Authorisation to Establish, and Registration and Cancellation of Registration of, Banks23. Cancellation or suspension of registration by Authority |
[Section 23 heading substituted by section 290, item 15 in Schedule 4, of Act No. 9 of 2017]
| (1) | The Authority may, subject to the provisions of section 24, in the case of a bank registered as such, by notice in writing to the institution concerned cancel, or suspend on such conditions as the Authority may deem fit, such registration if the institution has not conducted any business as a bank during the period of six months commencing on the date on which the institution was registered as a bank. |
[Section 23(1) substituted by section 290, item 8(a) in Schedule 4, of Act No. 9 of 2017]
| (2) | The Authority may, subject to the provisions of section 24, in the case of a bank registered as such, by notice in writing to the institution concerned cancel, or suspend on such conditions as the Authority may deem fit, such registration if— |
[Words preceding section 23(2)(a) substituted by section 290, item 8(b) in Schedule 4, of Act No. 9 of 2017]
| (a) | it has, in the opinion of the Authority, 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 21; |
| (b) | in the case of a bank of which the main place of business is situated in a country other than the Republic, the authorization in terms of which the institution concerned is authorized to conduct business in such other country similar to the business of a bank, is revoked by the competent authority in such other country; or |
| (c) | the institution concerned has failed to comply— |
| (i) | with a prescribed condition or a further condition, contemplated in section 18(1), to which its registration is subject; or |
| (ii) | with a condition imposed by the Authority under section 18(2). |
| (3) | The Authority may, subject to the provisions of section 24, in the case of a bank registered as such, by notice in writing to the institution concerned cancel such registration if the institution has ceased to conduct the business of a bank or is no longer in operation. |
[Section 23(3) substituted by section 290, item 8(c) in Schedule 4, of Act No. 9 of 2017]
[Section 23 substituted by section 16 of Act No. 26 of 1994]