Public Service Commission Act, 1997
R 385
Banks Act, 1990 (Act No. 94 of 1990)Chapter III : Authorisation to Establish, and Registration and Cancellation of Registration of, Banks18B. Cancellation or suspension of authorization by Authority and notice by Authority of intention to cancel or suspend authorization |
[Section 18B heading substituted by section 290, item 15 in Schedule 4, of Act No. 9 of 2017]
| (1) | The Authority may, subject to the provisions of subsections (2) and (3), in the case of a foreign institution that, under an authorization referred to in section 18A, conducts the business of a bank by means of a branch in the Republic, with the consent of the Minister, and by notice in writing to the foreign institution concerned cancel, or suspend on such conditions as the Authority may deem fit, such authorization if the foreign institution concerned has failed to comply with a prescribed condition or a further condition, contemplated in section 18A(1), to which its authorization is subject. |
| (2) | The Authority shall, before cancelling or suspending under subsection (1) the authorization of a foreign institution referred to in subsection (1), in a written notice addressed to the foreign institution concerned— |
| (a) | inform the foreign institution of his or her intention to cancel or suspend, as the case may be, such authorization; |
[Section 18B(2)(a) substituted by section 16(a) of Act No. 19 of 2003]
| (b) | furnish the foreign institution with the reasons for the intended cancellation or suspension; and |
| (c) | call upon the foreign 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 authorization should not be so cancelled or suspended. |
| (3) | After considering any representations received within the specified period from the foreign institution concerned by virtue of the provisions of subsection (2)(c), the Authority may in his or her discretion— |
| (a) | proceed with the cancellation or suspension in terms of subsection(1) of the authorization; or |
| (b) | refrain from taking any further steps in terms of subsection (1), |
and the Authority shall in writing inform the foreign institution concerned of his or her decision in terms of this subsection.
[Section 18B(3) substituted by section 16(b) of Act No. 19 of 2003]
[Section 18B inserted by section 11 of Act No. 26 of 1994]
