Banks Act, 1990 (Act No. 94 of 1990)RegulationsConditions for the conducting of the business of a Bank by a Foreign Institution by means of a branch in the Republic2. Failure or inability to comply with the provisions of these Regulations. |
| (1) | Subject to the provisions of section 74 of the Act, a branch that fails or is unable to comply with a provision of these Regulations shall report its failure or inability to comply to the Registrar, in writing, stating the reasons for such failure or inability to comply. |
| (2) | The Registrar may summarily take action under the Act or these Regulations against a branch referred to in subregulation (1) or, if in the circumstances, the Registrar deems it fit to do so, condone the failure or inability and afford the branch concerned an opportunity, subject to such conditions as the Registrar may determine, to comply with the relevant provision within a specified period. |