(1) The Central Bank may revoke any licence to carry on banking business in the Currency Union if the licensed financial institution —
(a) fails to commence operations within a period of twelve months following the granting of the licence;
(b) in connection with the application for the licence, provided false, misleading or inaccurate information or suppressed material information;
© fails to comply with the conditions of its licence or the measures required by the Central Bank in accordance with section 11;
(d) is in breach of any of the provisions of this Act which is applicable;
© ceases to carry on banking business in the Currency Union;
(f) is conducting its affairs in a manner detrimental to the national and regional interests or to the interest of its depositors;
(g) fails to maintain sufficient capital or liquidity to meet its liabilities;
(h) has not fulfilled or is unlikely to fulfil the minimum criteria for licensing under this Act;
(i) merges or amalgamates with another company or licensed financial institution and the licence is no longer required; or
(j) loses or the parent company of the licensed financial institution loses its authorization to conduct banking business or business of a financial nature in its home jurisdiction or bankruptcy or insolvency proceedings have been or are to be initiated.
(2) Before revoking any licence under subsection (1), the Central Bank shall give the licensed financial institution concerned notice in writing of its intention to do so, specifying the grounds upon which it proposes to make the revocation and shall require the licensed financial institution to submit to the Central Bank within a specified period being not less than 30 days, a written statement of objections to the making of the revocation and thereafter, the Central Bank shall advise the licensed financial institution of its decision.
(3) Where the decision referred to in subsection (2) is to revoke the licence, the notice shall include a statement of the reasons for the decision.
(4) Notice under subsection (2) shall be served at the last known address of the licensed financial institution or shall be published in the Gazette or in any local newspaper.
(5) If any licensed financial institution is aggrieved by any decision made under subsection (1), the licensed financial institution may appeal to the High Court within 14 days of the decision.
(6) Where a licence to carry on banking business in the Currency Union has been revoked, the Central Bank shall, as soon as possible cause a notice of the revocation to be published in the Gazette and anewspaper circulating in the relevant member country or territory of the Currency Union and cause such other steps to be taken as it considers necessary to inform the public of the revocation.