Mutual Banks Act, 1993 (Act No. 124 of 1993)Chapter III : Authorization to Establish, and Registration and Cancellation of Registration of, Mutual Banks12. Revocation of authorization |
| (1) | The Registrar may at any time prior to the registration, in terms of section 14, of a mutual bank revoke the authorisation granted for the establishment of such mutual bank if the Registrar is satisfied that— |
| (a) | false or misleading information was furnished in the application for such authorisation; or |
| (b) | success has not been achieved, within a period of six months as from the date of the granting of the said authorisation, with the formation, in accordance with the proposals contained in the application for the said authorisation, of the proposed mutual bank. |
| (2) | When the Registrar revokes an authorisation in terms of subsection (1), he shall give written notice of that fact to the person to whom the authorisation was granted. |