Banking and Financial Institutions Act 1989 · s 12

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s 12

(1)

A licensed institution may surrender its licence by forwarding it to the Bank with a written notice of its surrender.

(2)

The surrender shall take effect on the date the Bank receives the licence and the notice under subsection (1), or where a later date is specified in the notice, on that date.

(3)

The surrender of a licence shall be irrevocable unless it is expressed to take effect on a later date and before that date the Bank by notice in writing to the institution allows the surrender to be withdrawn.

(4)

The Bank shall publish in the Gazette as soon as practicable a notice of every surrender of a licence under this section, but delay in publishing such notice or failure to publish it shall not affect the validity of the surrender.