Central Bank Act, 1997

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Revocation of authorisations.

35.—(1) The Bank may—

(a) revoke an authorisation if the person to whom it was granted so requests,

(b) with the consent of the Minister, revoke an authorisation if the person to whom it was granted—

(i) (I) has not commenced to carry on bureau de change business within 12 months of the date on which the authorisation was granted, or

(II) has ceased to carry on bureau de change business and has not carried it on during a period of more than six months immediately following the cesser,

(ii) is adjudicated bankrupt,

(iii) being a partnership, the partnership is dissolved by death or bankruptcy of any partner, or otherwise under the law of partnership,

(iv) being a company, is being wound up,

(v) has obtained the authorisation through false statements or any other irregular means,

(vi) becomes unable to meet the obligations of that person to the creditors of that person or suspends payments lawfully due or can no longer be relied upon to fulfil those obligations,

(vii) is convicted on indictment of an offence under any provision of the Central Bank Acts, 1942 to 1997 or an offence under any provision of the Criminal Justice Act, 1994 , or an offence involving fraud, dishonesty or breach of trust,

(viii) has a head office in another state that is a member of the European Communities and the authority in that state that exercises in that state functions corresponding to those of the Bank under this Part has withdrawn authorisation from the institution of which the holder is a branch,

(c) with the consent of the Minister, revoke the authorisation if, since the grant of the authorisation, the circumstances relevant to the grant have changed and are such that, if an application for an authorisation were made in the changed circumstances, it would be refused.

(2) Whenever the Bank proposes to revoke an authorisation other than in circumstances to which paragraph (a) or (b) (viii) of subsection (1) relates, then—

(a) the person to whom it was granted:

(i) shall be notified in writing that the Bank intends to seek the consent of the Minister to the revocation, the reasons for the revocation and that the person may, within 21 days after the date of the giving of the notification, make representations in writing to the Minister in relation to the proposed revocation,

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

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