Section 10: Power to vary conditions of banking licence
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
10. Power to vary conditions of banking licence
(1) The central bank may at any time amend, vary or cancel any condition attached to, or impose new conditions on, the licence of a bank.
(2) Where the central bank proposes to act under subsection (1), it shall
notify the bank in writing thereof.
(3) The bank may, within 7 days of receipt of a notice under subsection (2), make representations in writing to the central bank.
(4) The central bank shall, after considering any representations made
under subsection (3), take a decision on the action proposed in the notice
and notify the bank in writing within 7 days of its decision.
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Questions this section answers
- Can the central bank change the conditions on a bank's licence after it's issued?