Section 11

is contravening any provision of this Act or of the Central Bank of Malaysia Ordinance, 1958; or

has ceased to carry on banking business in the Federation, the Minister may, on the recommendation of the Central Bank, revoke any licence issued to such bank:

Provided that the Minister shall prior to any such revocation notify his intention to take such action to the bank concerned and shall give the licensed bank an opportunity to submit within such period, being not less than twenty one days as may be specified in the notification reasons why the licence should not be revoked.

Where the licence of a bank has been revoked under subsection (1), the bank may, within thirty days of the revocation appeal against the revocation to the High Court, which may make such order thereon as it thinks proper, including any direction as to the costs of the appeal.

The Central Bank shall be entitled to be heard on any such appeal.

The making of an appeal under this section shall in no way affect the exercise of the powers and duties of the Central Bank under sections 39, 41 and 42.