Banks Act, 1990 (Act No. 94 of 1990)

Chapter III : Authorisation to Establish, and Registration and Cancellation of Registration of, Banks

29. Withdrawal of suspension or restriction
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(1)The Authority may on the written application of a bank of which—
(a)the registration was suspended under section 23; or

[Section 29(1)(a) substituted by section 22(a) of Act 26 of 1994, with effect from 1 June 1996]

(b)the activities were restricted under section 26,

by written notice to the institution concerned withdraw such suspension or restriction, as the case may be, provided the Authority is satisfied that the institution has complied with all requirements for such withdrawal imposed by the Authority in the conditions of suspension or restriction.

 

(2)Application for an order discharging an order under section 25 whereby the registration of a bank has been suspended by the court, may be made to the competent court referred to in section 25(2).

[Section 29(2) substituted by section 22(b) of Act No. 26 of 1994, with effect from 1 June 1996]