Co-operative Banks Act, 2007 (Act No. 40 of 2007)Chapter VIII : Administration of Act47. Inspections |
| (1) | The Authority may at any time of the Authority's own accord, on application by at least 10 per cent of the members of or at the request of the judicial manager of a co-operative bank or a co-operative financial institution, inspect the business of a co-operative bank or a co-operative financial institution if the Authority has reason to believe that the co-operative bank or co-operative financial institution is not conducting its affairs in accordance with the provisions of this Act or is contravening a provision of this Act. |
| (2) | The Authority may take any measures and make any recommendation that the Authority considers appropriate following an inspection in terms of subsection (1), including a recommendation to— |
| (a) | the co-operative bank or the co-operative financial institution; and |
| (b) | the relevant prosecuting authority if the inspection was done on the authority of a warrant. |
[Section 47 substituted by section 290, item 12 in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]