Banking and Financial Institutions Act 1989 · s 94

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94. (1) Where an order has been made under section 93 (1) in respect of a non-scheduled institution referred to in paragraph (b) of the definition of "non-scheduled institution" in section 2 (1), the Minister may, on the recommendation of the Bank, where he deems it necessary to do so in the interests of the depositors, creditors, customers, or members of the non-scheduled institution, or in the interests of any class or category thereof, respectively, revoke or restrict, subject to such terms and conditions as he may deem fit and proper, any licence, registration, certificate, or other authorisation whatsoever by or under which it is established, appointed or constituted, or is carrying on the business of the provision of finance.
(2) For the purposes of taking action under subsection (1) the Minister may, where practicable to do so apply mutatis mutandis the provisions of this Act relating to the revocation or restriction of the licence of a licensed institution, with all such modifications, variations, adaptations, alterations, amendments, additions, deletions or substitutions, as he may consider necessary or expedient.
(3) Where any revocation or restriction has been effected under subsection (1) in respect of any non-scheduled institution, such institution and any other person affected by the revocation or restriction shall comply with such revocation or restriction and with any terms or conditions to which it has been made subject.

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s 94

(1)

Where an order has been made under section 93 (1) in respect of a non-scheduled institution referred to in paragraph (b) of the definition of "non-scheduled institution" in section 2 (1), the Minister may, on the recommendation of the Bank, where he deems it necessary to do so in the interests of the depositors, creditors, customers, or members of the non-scheduled institution, or in the interests of any class or category thereof, respectively, revoke or restrict, subject to such terms and conditions as he may deem fit and proper, any licence, registration, certificate, or other authorisation whatsoever by or under which it is established, appointed or constituted, or is carrying on the business of the provision of finance.

(2)

For the purposes of taking action under subsection (1) the Minister may, where practicable to do so apply mutatis mutandis the provisions of this Act relating to the revocation or restriction of the licence of a licensed institution, with all such modifications, variations, adaptations, alterations, amendments, additions, deletions or substitutions, as he may consider necessary or expedient.

(3)

Where any revocation or restriction has been effected under subsection (1) in respect of any non-scheduled institution, such institution and any other person affected by the revocation or restriction shall comply with such revocation or restriction and with any terms or conditions to which it has been made subject.