Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 May 2003 - onwards
  Version 3 of 3    

98. Suspension of registration.

(1) In any case where, under section 97(1), the Bank might cancel the registration of a credit union, it may, by notice in writing  -

(a) subject to subsection (3), suspend the registration of the credit union for a term not exceeding three months; and

(b) subject to section 99(2), renew any such suspension for a similar term.

(2) If, before the expiry of the period of a notice under section 97(3) of the proposed cancellation of a credit union's registration, the credit union duly lodges an appeal from the proposed cancellation under section 99(1), the Bank may by notice in writing suspend the credit union's registration from the expiry of that period until the date of the determination or abandonment of the appeal.

(3) Before the registration of a credit union is suspended under subsection (1)(a), the Bank shall give the credit union not less than two months' previous notice in writing specifying the ground of the proposed suspension.

(4) Notice of every suspension of a credit union'