Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 28 October 2011 - onwards
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97. Cancellation of registration.

(1) Subject to the provisions of this section and section 98(2), the Bank may, by notice in writing, cancel the registration of a credit union -

(a) if at any time it is proved to its satisfaction -

(i) that the number of the members of the credit union has been reduced to less than 15; or

(ii) that an acknowledgement of registration has been obtained by fraud or mistake; or

(iii) that the credit union has not commenced business within 12 months of the date on which it was registered; or

(iv) that the credit union has suspended its business for a period of not less than six months or has ceased to function;

(b) if it thinks fit, at the request of the credit union, to be evidenced in such manner as it shall from time to time direct;

(c) on proof to its satisfaction that the credit union exists or is being used for an illegal purpose or has wilfully and after notice from the Bank violated any of the provisions of this Act;

(d) where it appears to it that the members of the credit union n