Co-operative Banks Act, 2007 (Act No. 40 of 2007Chapter VI : Representative Bodies35. Cancellation or suspension of registration |
| (1) |
| (a) | The Agency must, subject to paragraph (b), cancel the registration of a representative body if that body ceases to comply with any requirement for registration or continued registration referred to in sections 32 and 34. |
| (b) | The Agency must, prior to cancellation of registration, give notice in writing to the representative body concerned of its intention to cancel registration and the reasons on which such intention is based, and must afford the representative body a period of not less than 21 days and not more than 30 days in which to submit grounds for not proceeding with cancellation. |
| (c) | The Agency, pending the outcome of the process referred to in paragraph (b), may suspend the registration of a representative body if it considers it in the best interests of the public or co-operative banking, and may make such alternative arrangements to accommodate the needs of the members of such body during the period of suspension as it may consider necessary. |
| (d) | If the Agency considers that cancellation of registration would not be in the best interests of the public, co-operative banking or the members of a representative body, it may extend the registration of the representative body concerned on such conditions as it considers appropriate. |
| (2) | A representative body may, by written notice to the Agency, renounce its registration. |
| (3) | The registration of a representative body lapses automatically if it ceases to exist or if it renounces its registration. |
| (4) | The Agency must, on cancellation or lapsing of a registration, publish a notice to that effect in the Gazette. |