Section 17: Procedure in cases of urgency

17. Procedure in cases of urgency (1) Notwithstanding section 10, 11 or 16, the central bank may, in cases of urgency and in the public interest— (a) amend, vary or cancel any condition attached to a licence or impose a condition on a licence; or (b) revoke a licence. (2) Any amendment, variation, cancellation or imposition of a condition of a licence or any revocation of a licence specified in subsection (1) shall be notified to the financial institution and shall have immediate effect and bind the financial institution accordingly. (3) The financial institution may, within 7 days of the notification under subsection (2), make representations to the central bank. (4) The central bank shall, within 14 days of any representations made under subsection (3) and after considering those representations, notify the financial institution of its final decision. (5) Where a licence is revoked under this section, the central bank shall give public notice in the Gazette and in at least 3 daily newspapers in wide circulation in Mauritius.