7 5 Action where investigated financial institution not troubled but in default of Banking Act, etc. (1) If the Reserve Bank, after considering the report of— (a) an inspector following upon an investigation under section 4; or (b) a supervisor following upon an investigation under section 47 of the Banking Act; is satisfied that— (c) the share capital of the investigated financial institution is substantially over-valued taking into consideration the institution’s net asset value; or (d) the investigated financial institution— (i) has failed to comply with any requirement relating to capital, reserves, assets, liabilities, credits, deposits or other requirement prescribed for the purposes of section 29, 30 or 31 of the Banking Act, but may be likely to comply with any such requirement if any person holding shares in the financial institution relinquishes his or her shareholding; or (ii) is not conducting its business in accordance with sound administrative, accounting, corporate governance or risk management practices and procedures but may be likely to do so if any person holding shares in the financial institution relinquishes his or her shareholding; or (e) any shareholder of the investigated financial institution is not qualified in terms of the Banking Act to hold such shares; the Reserve Bank may authorise the inspector or investigator, as the case may be— (f) in the case of a finding under paragraph (c), to undertake a valuation of the assets and liabilities of the financial institution in order to determine its net asset value, and section 15 shall apply to such valuation; or (g) to issue a written direction to any shareholder referred to in paragraph (d)(i) or (ii) or (e)— (i) directing the shareholder to dispose of his or her shares to another person (who must be qualified in terms of the Banking Act to hold such shares) within such reasonable period as the inspector or investigator shall specify in the notice; and (ii) suspending (notwithstanding anything contained in the memorandum and articles of the financial institution) all voting rights attaching to the shareholder’s shares until such time as they are disposed of under subparagraph (i), and until they are so disposed of such shares shall be deemed not to form part of the share capital of the financial institution; or (h) to undertake a valuation of the assets and liabilities of the financial institution under paragraph (f) and issue a notice in terms of paragraph (g). (2) A person to whom a notice has been issued in terms of subsection (1)(f), (g) or (h) may, within fourteen days of receiving such notice, apply to the High Court to set it aside on the grounds that he or she—