Banks Act, 1990 (Act No. 94 of 1990)Chapter IV : Shareholding in, and Registration of Controlling Companies in respect of, Banks45. Cancellation by Authority of registration of controlling company |
[Section 45 heading substituted by section 290, item 15 in Schedule 4, of Act No. 9 of 2017]
| (1) | If a controlling company has failed to establish control over the bank in respect of which it is registered, or no longer exercises such control, the Authority may by notice in writing to such controlling company cancel its registration in respect of that bank. |
| (2) | No cancellation of any registration under subsection (1) shall be of force unless the Authority has previously by notice in writing given the controlling company concerned an opportunity to show cause within a period specified in the notice, not being less than 30 days, why its registration should not be cancelled. |