| (1) |
If the Authority has reason to suspect that any person who is not registered as a bank in terms of this Act nor authorized in terms of the provisions of section 18A(1) to carry on the business of a bank— |
| (a) |
is likely to conduct the business of a bank in contravention of the provisions of section 11(1) or 18A(6); or |
| (b) |
has so contravened the provisions of section 11(1) or 18A(6) or has contravened the provisions of section 22(4) or (5), or that such a contravention is likely to be continued or repeated, |
the Authority may apply to a division of the High Court having jurisdiction (hereinafter in this section referred to as the court) for an order—
| (i) |
prohibiting the anticipated contravention referred to in paragraph (a); |
| (ii) |
prohibiting the continuation or repetition of a contravention referred to in paragraph (b); or |
| (iii) |
prohibiting the person concerned from disposing of or otherwise dealing with any of the assets of that person while the contravention suspected of having been committed or of being continued is investigated. |
[Section 81(1) substituted by section 57 of Act No. 19 of 2003]
| (2) |
If it is proved to the satisfaction of the court, in the case of an application for an order referred to in— |
| (a) |
subsection (1)(i), that there is a reasonable likelihood that the provisions of section 11(1) or 18A(6) will be contravened by a person concerned as contemplated in subsection (1)(a); |
| (b) |
subsection (1)(ii), that there is a reasonable likelihood that a contravention will be continued or repeated as contemplated in subsection (1)(b); or |
| (c) |
subsection (1)(iii), that there is a reasonable likelihood that a contravention has been committed or is being continued as contemplated in subsection (1)(b), |
the court may make the relevant order applied for.
Rationalisation of Corporate Laws Act, 1996
