Co-operative Banks Act, 2007 (Act No. 40 of 2007)Chapter VII : Support Organisations40. Cancellation or suspension of accreditation |
| (1) |
| (a) | The Agency may, subject to paragraph (b), cancel the accreditation of a support organisation if that body ceases to comply with any requirement for accreditation or continued accreditation referred to in sections 37 and 39. |
| (b) | The Agency must, prior to cancellation of accreditation, give notice in writing to the support organisation concerned of its intention to cancel accreditation and the reasons on which such intention is based, and must afford the support organisation a period of not less than 21 days and not more than 30 days in which to submit grounds for not proceeding with cancellation of accreditation. |
| (c) | The Agency, pending the outcome of the process referred to in paragraph (b), may suspend the accreditation of a support organisation 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 accreditation would not be in the best interests of the public, co-operative banking or the members of a support organisation, it may extend the accreditation of the support organisation concerned on such conditions as it considers appropriate. |
| (2) | A support organisation may, by written notice to the Agency, renounce its accreditation. |
| (3) | The accreditation of a support organisation lapses automatically if it ceases to exist or if it renounces its accreditation. |
| (4) | The Agency must on cancellation or lapsing of an accreditation publish a notice to that effect in the Gazette. |