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Banks Act, 1990 (Act No. 94 of 1990)

Regulations

Regulations relating to Representative Offices

6. Failure or inability to comply with the provisions of these Regulations

 

(1) A representative office that fails or is unable to comply with a provision of these Regulations shall report its failure or inability to comply in writing to the Registrar, stating the reasons for such failure or inability to comply.

 

(2) The Registrar may summarily take action under the Act or these Regulations against a representative office referred to in subregulation (1) or, if in the circumstances, the Registrar deems it fit to do so, condone the failure or inability and afford the representative office concerned an opportunity, subject to such conditions as the Registrar may determine, to comply with the relevant provision within a specified period.