Non Bank Financial Institutions Act, 2008 (Act 774)

Section 7: (1) The Bank may revoke the licence by notice in writing to the licensee if the licensee (a) ceases to satisfy a qualification required under this Act; (b) ceases to carry on business or is wound up or otherwise dissolved; (c) conducts business in a manner detrimental to the interests of depositors or customers; (d) except in the case of a credit union, has without the, consent {j of the Bank been amalgamated with another company or has sold or has otherwise transferred its assets and liabilities to another company; (e) in the case of a credit union has amalgamated or transferred its assets in a manner contrary to section 14 of the Cooperative Societies Act, 1968 (NLCD 1968); (f) has failed to comply with any of the conditions stipulated in its licence; (g) has contravened any provision of this Act or any Regulation, rule, Notice, or other directive issued by the Bank in furtherance of this Act; or (h) has provided the Bank with false, misleading or inaccurate information, in connection with an application for a licence. (2) The Bank may suspend or restrict a licence issued under this Act where it finds it necessary to do so. (3) The Bank shall, before it suspends or revokes a licence under subsection (2), give notice to the affected licensee, specifying the defect, omission or breach for which the licence is liable to suspension or revocation and request the person to remedy the defect (a) within ninety days after the notice, or (b) some other period determined by the Bank. (4) If the defect, omission or breach is remedied within the time specified, the Bank shall by notice in writing to that person restore its licence, otherwise the Bank may suspend or revoke the licence and issue a public notice to that effect. (5) A licence may be restricted by (a) the imposition of a limit on its duration that the Bank considers fit; (b) the imposition of additional conditions that the Bank considers desirable for the protection of depositors or potential depositors; (c) the prohibition of the licensee from entering into any other transaction or class of transactions; (d) requiring the removal of a director, manager or other officer ' of the licensee. (6) A licensee who fails to comply with a requirement or contravenes any prohibition imposed on it under this section is liable to pay to the Bank, a penalty of not less than two hundred and fifty penalty units. (7) The Bank shall issue a public notice of any suspension, restriction, or revocation of a licence under this Act. (8) A person who is dissatisfied with the decision of the Bank to revoke, suspend, or restrict a licence may within thirty days after that person has been informed of the decision, apply to the Bank for a review of the Bank's decision. (9) The Bank may by notice, publish rules of procedure for (a) the submission of applications for review under subsection (8) (b) hearing and determination of the applications. (10) A person who is dissatisfied with the decision of the Bank in respect of a review may apply to the High Court for a review of that decision.

Procedure to Follow