AI Summary of 25. Revocation of registration other than on application of holder
The Bank may revoke a registration of an ATM deployer or cash-in-transit (CIT) provider on reasonable grounds, including failure to commence business within 12 months, not trading for six months, obtaining registration through false representation, non-compliance with obligations under the Act, and structural or organisational issues that hinder regulation. Additionally, grounds for revocation include issues affecting the management body's integrity, corporate winding-up, partnership dissolution, or personal bankruptcy.
Prior to revocation, the Bank must notify the holder of its intention, specifying the grounds and allowing 21 days for written representations. The Bank will consider any representations before making a final decision, which will be communicated to the holder, including reasons for the revocation. The revocation takes effect immediately or on a specified date, irrespective of any appeal lodged.
25. Revocation of registration other than on application of holder
(1) The Bank may revoke a registration only if the Bank has reasonable grounds to be satisfied of one or more of the following:
(a) the holder has not commenced carrying on business as an ATM deployer or CIT provider within the period of 12 months after the date of the notice of confirmation of registration under section 18(7);
(b) the holder has not carried on business as an ATM deployer or CIT provider for the immediately preceding period of 6 months;
(c) the registration was obtained by means of a false or misleading representation;
(d) the holder has contravened, or is contravening, any obligation imposed on ATM deployers or CIT providers under this Act;
(e) the holder has failed to satisfy the Bank -
(i) where the holder is a CIT provider, that the policies referred to in section 19(1)(c), or