Mutual Banks Act, 1993 (Act No. 124 of 1993)Chapter III : Authorization to Establish, and Registration and Cancellation of Registration of, Mutual Banks22. Notice by Registrar of intention to cancel or suspend registration |
| (1) | The Registrar shall, before cancelling or suspending under section 21 the registration of a mutual bank, in a written notice addressed to the chairperson or chief executive officer of the institution concerned— |
| (a) | inform the institution of his intention to cancel or suspend, as the case may be, such registration; |
| (b) | furnish the institution with the reasons for the intended cancellation or suspension; and |
| (c) | call upon the institution to show cause within a period specified in the notice, which shall not be less than 30 days as from the date of the notice, why its registration should not be so cancelled or suspended. |
| (2) | After considering any representations received within the specified period from the institution concerned by virtue of the provisions of subsection (1)(c), the Registrar may in his discretion— |
| (a) | proceed with the cancellation or suspension, in terms of section 21, of the registration; or |
| (b) | refrain from taking any further steps in terms of section 21, and the Registrar shall in writing inform the chairman or chief executive officer of the institution concerned of his decision in terms of this subsection. |