Contents (2008 - 49)
Retail Trading Act 2008 No 49
14K Variation, suspension or cancellation of approval
(1) The Director-General may vary the conditions of, or suspend or cancel, an approval under this Part as provided by this section.(2) The Director-General 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 Director-General 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 Director-General may vary the conditions of, or suspend or cancel, an approval only if the Director-General has:(a) given the bank concerned written reasons for the Director-General’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 Director-General.(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 Director-General may (but need not) determine that the approval will be subject to a period of review. The Director-General 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.