Banks Act, 1990 (Act No. 94 of 1990)Chapter III : Authorisation to Establish, and Registration and Cancellation of Registration of, Banks25. Cancellation or suspension of registration by court |
| (1) | The Authority may by way of application on notice of motion apply to a competent court for an order cancelling or suspending the registration of a bank if in the opinion of the Authority there exist grounds, other than the grounds referred to in section 23, justifying such cancellation or suspension. |
[Section 25(1) substituted by section 18(a) of Act No. 26 of 1994, with effect from 1 June 1996]
| (2) | A competent court for the purposes of subsection (1) shall be any division of the High Court of South Africa within the area of jurisdiction of which the registered office, referred to in section 170 of the Companies Act, of the bank concerned is situated. |
[Section 25(2) substituted by section 19 of Act No. 19 of 2003]
| (3) | The court entertaining an application made under subsection (1) shall enquire into and consider the matter and shall grant or refuse the application, and may make such order as to costs as it may deem fit. |
| (4) | In addition to any other grounds which the court may consider sufficient to justify the granting of an order under subsection (1) cancelling or suspending the registration of a bank, such an order may also be granted if the institution concerned— |
[Words preceding section 25(4)(a) substituted by section 18(b) of Act No. 26 of 1994, with effect from 1 June 1996]
| (a) | has, or any of its directors or executive officers has, been convicted of any offence in terms of this Act; |
| (b) | does not carry on satisfactorily the business of a bank; |
| (c) | has failed to comply with a requirement of this Act which is applicable to it in its capacity as a registered bank; |
[Section 25(4)(c) substituted by section 18(c) of Act No. 26 of 1994, with effect from 1 June 1996]
| (d) | continues to employ an undesirable practice; or |
| (e) | has in a material respect misrepresented the facilities which it offers to the general public, |
or if, on any other ground advanced by the Authority in the relevant application, the court is of the opinion that it is not in the public interest to allow the institution concerned to continue its activities as a bank.