Section 10

Subject to section 11, where the Minister proposes—

to revoke a licence under section 7;

to restrict a licence under section 8 or vary any such restriction or condition thereunder; or

to vary or revoke any condition, or impose any new condition, under section 9, otherwise than with the consent in writing of the institution, the Minister shall give the institution written notice of his intention to do so, specifying the nature of the proposed action, and the grounds on which he proposes to do so, and give the institution an opportunity to make written representations thereon to the Minister by submitting them to the Bank within fourteen days of service of the notice.

After the expiry of the period of fourteen days mentioned in subsection (1) and considering any representations made by the institution under subsection (1), the Minister shall, on the recommendation of the Bank, decide—

The Minister shall give the institution written notice of his decision under subsection (2), and the decision shall take effect from the date on which the said written notice is served on the institution.

A revocation of a licence under section 7 shall be published in the Gazette as soon as practicable, but delay in such publication or failure to make such publication shall not in any manner affect the validity of such revocation.