No.12 BANKING AMENDMENT 2015 15J Cancellation of registration of controlling company (1) Subject to subsections (2) and (3), the Registrar may, by notice in writing to the controlling company concerned, cancel a controlling company's registration if(a) the company requests the cancellation; or (b) the Registrar has reasonable grounds for believing that(i) the registration was obtained in error or through fraud or the misrepresentation of a material fact by the company; or (ii) the company has contravened any provision of this Act that is applicable to it; or (iii) the company has failed to establish control over the banking institution in respect of which it is registered; or (iv) the company no longer exercises control over the banking institution in respect of which it is registered; or (v) any person who exercises substantial control over the company, whether as director or shareholder, is not a fit and proper person to exercise such control. (2) Before cancelling a controlling company's registration in tenus of subsection ( 1)(b), the Registrar shall, through the Governor, notify the Minister and thereafter shall infom1 the company, in writing, that he or she proposes to cancel the company's registration and of the reasons for proposing to do so: Provided that, if the Registrar believes on reasonable grounds that it is not possible so to notify the company at its registered office, the Registrar shall publish a notice in the Gazette and in a newspaper circulating in the area in which the company's registered office is situated, stating that its registration will be cancelled unless the company lodges an appeal with the Minister in terms of section73 within thirty days from the date of publication of the notice in the Gazette. (3) The Registrar shall not cancel a controlling company's registration in te1ms of subsection (1)(a) until(i) the period within which an appeal may be lodged in telTllS of section 73 has elapsed; or (ii) the thi1ty-day period referred to in the proviso to subsection (2) has elapsed, where a notice was published in terms of that proviso; unless the company concerned has consented to the cancellation; (b) if an appeal is lodged in terms of section 73, until the appeal has been abandoned or withdra>vn or, where it has proceeded to finality, the Registrar is notified that his or her decision has hcen upheld. (4) Upon the cancellation of the registration of a banking institution in respect of which a controlling company is registered, the registration of the controlling company, in so far as it relates to that banking institution, shall be deemed to have been cancelled simultaneously. 221