Co-operative Banks Act, 2007 (Act No. 40 of 2007)Chapter VIII : Administration of Act49. Administrative penalties |
| (1) | The Authority may, despite and in addition to taking any step that the Authority may take under this Act, impose an administrative penalty on a co-operative bank or co-operative financial institution for any failure to comply with a provision of this Act. |
[Section 49(1) substituted by section 290, item 14(a) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
| (2) | An administrative penalty referred to in subsection (1) may not exceed the amount prescribed by the Minister for every day during which such failure continues. |
| (3) | An administrative penalty imposed under subsection (1) must be paid to the Authority within the period specified by the Authority. |
| (4) | If a co-operative bank or co-operative financial institution fails to pay an administrative penalty within the specified period the Authority may by way of civil action in a competent court recover the amount of the administrative penalty from the co-operative bank. |
[Section 49(4) substituted by section 290, item 14(b) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]