Section 28: Revocation of licence

(1) Where the Board has reasonable grounds for believing that a bank has-
(a)
ceased to carry on, within its specified geographical area, the type of banking business for which the licence was issued for any continuous period of six months or for any period aggregating six months during a continuous period of twelve months;
(b) gone into liquidation or been wound up or otherwise dissolved;
(c) failed to comply with any condition subject to which the licence was granted;
(d) insufficient assets to meet its liabilities or that its premises are no longer fit to be used as a bank;
(e)
failed to comply with any obligation imposed upon it by or under this Act,
the Board may, after giving the bank the opportunity of being heard or making representation, by notice in writing require it before the date specified in the notice to remedy, to the satisfaction of the Board, the defects or observations specified in the notice.
(2) If the bank fails to comply with the requirements of a notice under subsection (1) of this section before the date specified therein, the Board may, after calling on the bank to show cause why its licence should not be cancelled, recommend to the Governor the revocation of the licence.