Mutual Banks Act, 1993 (Act No. 124 of 1993)Chapter III : Authorization to Establish, and Registration and Cancellation of Registration of, Mutual Banks24. Restriction by Registrar of activities of mutual bank |
| (1) | The Registrar may, in lieu of an application under section 23(1), by written notice to a mutual bank in respect of which, in the opinion of the Registrar, any of the circumstances mentioned in section 23(4) is present, restrict the activities of the institution concerned as a mutual bank in such respects and on such conditions as the Registrar may specify in the notice. |
| (2) | The provisions of section 22 shall mutatis mutandis apply in respect of the restriction of the activities of a mutual bank by the Registrar under subsection (1). |