Section 11

No notice need be given under section 10 (1) in respect of—

the revocation of an institution's licence under section 7 (2); or

the revocation of an institution's licence under section 7 (1), or the imposition or variation of a restriction on an institution under section 8, in any case in which the Minister considers, on the recommendation of the Bank, that the licence should be revoked, or the restriction should be imposed or varied, as a matter of urgency.

In any such case the Minister may, by written notice to the institution, revoke the licence, or impose or vary the restriction, and the revocation, imposition or variation, as the case may be, shall have effect from the date on which such notice is served on the institution.

A notice under subsection (2) shall state the reasons for which the Minister has acted.

The institution to which a notice is given under subsection (2) may, within fourteen days from the date on which the notice is served on it, make representations in respect of it to the Minister by submitting them to the Bank.

Where representations have been made by an institution under subsection (4), the Minister may, on the recommendation of the Bank, confirm or rescind the action taken by him under subsection (2), or make a variation of the action taken as provided under section 10 (2) (c) and (d) in respect of a proposed action, and where he confirms the revocation of an institution's licence under subsection (2), the provisions of section 10 (4) shall apply mutatis mutandis.