Banking Act · s 65

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s 65Moratorium

(1)

If the Authority considers it to be in the public interest, the Authority may issue a direction prohibiting the bank from carrying on banking business or from doing or performing any act or function connected with banking business or any aspect thereof that may be specified in such direction.

(2)

If the Authority considers it to be in the public interest, the Authority may apply to the High Court for an order staying the commencement or continuance of any proceedings by or against the bank in regard to any business of the bank.

(3)

Any direction made under subsection (1) shall be valid for a period not exceeding one year, without prejudice to the making of a subsequent direction or directions.

(4)

So long as a direction under subsection (1) remains in force, the licence granted to that bank under this Act shall be suspended.