Deposit Protection Act · 2023 Revised Edition · Part 4
29. Withdrawal of exemption
Official textFrom Attorney General's Chambers, unchanged
The Minister may withdraw an exemption granted to an exempt member institution under section 28(2) if —
the exempt member institution fails to comply with a condition or restriction imposed in respect of the exemption; or
the Minister considers it necessary in the public interest.
Before withdrawing any exemption granted to an exempt member institution under section 28(2), the Minister shall —
member institution
“member institution” means any financial institution deemed to be a member institution under section 27 whose membership has not been cancelled under section 31 or terminated under section 32;
give the exempt member institution notice in writing of his intention to do so; and
in the notice referred to in paragraph (a), call upon the exempt member institution to show cause within such time as may be specified in the notice why the exemption should not be withdrawn.
If the exempt member institution referred to in subsection (2) —
fails to show cause within the time specified in the notice or within such extended period of time as the Minister may allow; or
fails to show sufficient cause, the Minister shall give notice in writing to the exempt member institution of the date on which the withdrawal of the exemption is to take effect.
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Where a withdrawal of exemption becomes effective, the
Minister shall publish a notice of the withdrawal in the Gazette.
Terms defined in s 2
deposit protection
Defined · s 2“deposit protection” means the protection provided to the depositors of a member institution in case of its failure to pay its deposits;
member institution
Defined · s 2“member institution” means any financial institution deemed to be a member institution under section 27 whose membership has not been cancelled under section 31 or terminated under section 32;
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