Banks Act, 1990 (Act No. 94 of 1990)Chapter III : Authorisation to Establish, and Registration and Cancellation of Registration of, Banks26. Restriction by Authority of activities of bank |
[Section 26 heading substituted by section 290, item 15 in Schedule 4, of Act No. 9 of 2017]
| (1) | The Authority may, in lieu of an application under section 25(1), by written notice to a bank in respect of which, in the opinion of the Authority, any of the circumstances mentioned in paragraphs (a) to (e), inclusive, of section 25(4) is present, restrict the activities of the institution concerned as a bank in such respects and on such conditions as the Authority may specify in the notice. |
[Section 26(1) substituted by section 19 of Act No. 26 of 1994, with effect from 1 June 1996]
| (2) | The provisions of section 24 shall mutatis mutandis apply in respect of the restriction of the activities of a bank by the Authority under subsection (1). |