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(3) Every such public officer concerned shall register every copy of a declaration
transmitted to him or her and note thereon the day and hour when it is received.
(4) Upon receipt of a copy of a declaration by the chief executive officer of a financial
institution under subsection (1)(c), the chief executive officer shall cause such account to be
immediately frozen.
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Confirmation of declaration
(1) No later than thirty days (or such longer period as a judge referred to in this section
may allow) after a declaration takes effect under section 6(7), the Reserve Bank shall, by
application made by the Reserve Bank or on its behalf, seek an order confirming the
declaration from a judge in chambers on not less than fourteen days’ written notice
(accompanied by the documentation in support of the application referred to in subsection
(2)(a) and (b)) to the shareholders, creditors and former members of the board of the troubled
financial institution:
Provided that the publication by or on behalf of the Reserve Bank of a notice in the
Gazette to shareholders, creditors and former members of the board (whether named
individually or by class) notifying them of the intention of the Reserve Bank to make such an
application not earlier than ten days from the date of publication of the notice in the Gazette,
and in one or more issues of a newspaper circulating in the area in which the financial
institution concerned principally conducts its business, and containing particulars of where
the documentation in support of the application referred to in subsection (2)(a) and (b) may be
collected by any party interested in the application, shall be deemed to constitute sufficient
service of the notice of the application upon any such party.
(2) There shall be submitted together with the application referred to in subsection (1)⎯
(a) a copy of the declaration relating to the troubled financial institution which is the
subject of the application; and
(b) a statement of the reasons why it appeared to the Reserve Bank that the
circumstances referred to in section 6(1)(c), (d) or (e) were present in relation to the
troubled financial institution; and
(c) proof that the shareholders, creditors and former members of the board of the
troubled financial institution have been served with or notified of the application
under subsection (1).
(3) A judge before whom an application is made under subsection (1) may⎯
(a) grant an order confirming a declaration unconditionally or subject to any amendment
or variation; or
(b) set aside a declaration and give such directions as may be necessary to reverse any
of the effects of the declaration.
(4) A decision by a judge not to issue a confirming order in terms of subsection (1), or to
issue it subject to any amendment or variation, shall not prevent the Reserve Bank from
making a fresh application in terms of that subsection on the basis of new evidence obtained
since the original application, or to correct any mistake in the original application, and
subsections (1) and (2) shall apply to such fresh application.