Central Bank Act, 1971

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Revocation of licences.

11.—(1) The Bank may, with the consent of the Minister, revoke a licence—

(a) if the holder of the licence so requests,

(b) if the holder fails or ceases to carry on banking business,

(c) if the holder is adjudicated bankrupt,

(d) if the holder is a partnership and the partnership is dissolved by the death or bankruptcy of any partner, or otherwise under the law of partnership,

(e) if the holder, being a company, is being wound up,

(f) if the holder becomes unable to meet his obligations to his creditors or suspends payments lawfully due by him,

(g) if the holder fails to maintain a deposit in the Bank of an amount determined in accordance with section 13 of this Act,

(h) if the holder is convicted on indictment of an offence under any provision of this Act or an offence involving fraud, dishonesty or breach of trust,

(i) if, since the grant of the licence, the circumstances relevant to the grant have changed and are such that, if an application for a licence were made in the changed circumstances, it would be refused.

(2) Whenever the Bank proposes to revoke a licence (other than in pursuance of a request by the holder to do so)—

(a) it shall notify the holder in writing that it intends to seek the consent of the Minister to the revocation and of the reasons for the revocation and that the holder may, within twenty-one days after the date of the giving of the notification, make representations in writing to the Minister in relation to the proposed revocation,

(b) the holder may make such representations in writing to the Minister within the time aforesaid, and

(c) the Minister shall, before deciding to give or withhold his consent, consider any representations duly made to him under this subsection in relation to the proposed revocation.

(3) Where a licence is revoked, the person who was the holder shall continue to be subject to the duties and obligations imposed on him by or under the Currency and Central Bank Acts, 1927 to 1971, until any liabilities of the person in respect of deposits (including deposits on current accounts) accepted by him have been discharged to the satisfaction of the Bank, and, pending the settlement of all claims in relation to the deposits, the Bank may, subject to sections 29 and 30 of this Act, retain the full amount of the deposit of the person made with it in pursuance of section 7 of this Act.