Banks Act, 1990 (Act No. 94 of 1990)Chapter III : Authorisation to Establish, and Registration and Cancellation of Registration of, Banks24. 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]