14KVariation, suspension or cancellation of approval

14K Variation, suspension or cancellation of approval

14K Variation, suspension or cancellation of approval

(1) The Secretary may vary the conditions of, or suspend or cancel, an approval under this Part as provided by this section.

(2) The Secretary may suspend or cancel an approval only if—

(a) the bank that holds the approval has contravened a condition of the approval, or

(b) the Secretary considers that it is no longer in the interests of the public for the approval to remain in force, or

(c) the bank has requested the suspension or cancellation.

(3) The Secretary may vary the conditions of, or suspend or cancel, an approval only if the Secretary has—

(a) given the bank concerned written reasons for the Secretary’s intention to vary the conditions of, or suspend or cancel, the approval and an opportunity to make submissions, and

(b) considered any submissions duly made by the bank within a period required by the Secretary.

(4) Subsection (3) does not apply to a variation of a condition of, or the suspension or cancellation of, an approval at the request of the bank that holds the approval.

(5) A variation of the conditions of, or a suspension or cancellation of, an approval—

(a) must be made by notice in writing served on the bank that holds the approval, and

(b) takes effect when the notice is served or at a later time specified in the notice.

(6) Before determining to take action under this section in relation to an approval, the Secretary may (but need not) determine that the approval will be subject to a period of review. The Secretary is to give written notice of such a determination to the bank concerned and is to include in the notice written reasons for the determination.

ss 14G–14K: Ins 2010 No 114, Sch 1 [12].