Notice of restriction

(1) Where the Central Bank proposes to– (a) restrict a licence; or 55 (b) vary the restrictions imposed on a licence otherwise than with the agreement of the it shall serve written notice of intention to do so on the licensee. (2) A notice of intention to restrict or to vary a restriction shall specify the proposed restriction or the proposed variation as the case may be, and shall state the grounds on which the Central Bank proposes to act and particulars of the licensee’s rights under sub-section (4). (3) Where– (a) the ground for a proposed restriction or variation of a restriction is that it appears to the Central Bank that the criteria in section 5 are not or have not been fulfilled, or are unlikely to be or may not have been fulfilled in the case of any person; or (b) a proposed restriction consists of or includes a condition requiring the removal of any person as director or officer, the Central Bank shall serve on that person a copy of the notice of intention to restrict or vary a restriction together with a statement of his rights under sub-section (4). (4) A licensee which is served with a notice of intention to restrict or vary a restriction, and a person who is served with a copy of it under sub-section (3) may, within the period of fourteen days commencing from the day on which the notice was served, make representation to the Central Bank. (5) After serving a notice of intention to restrict or vary a restriction, and after taking into account any representations made under sub-section (4) the Central Bank shall decide whether to– (a) proceed with the action proposed in the notice; (b) take further action; or (c) restrict or vary the restriction, in a different manner. (6) The Central Bank shall serve on the licensee and on any such person served with a notice in sub-section (3), written notice of its decision and, except where the decision is to take no further action, the notice shall state the reasons for the decision and shall give particulars of the rights conferred by sections 22(2) and section 129. (7) A notice under sub-section (6) shall be served within the period of fifteen days commencing on the day after which the notice of intention to restrict or vary a restriction was served and if no notice is served under that section, within that period, the Central Bank shall be treated as having at the end of that period served a notice under that sub-section to the effect that no further action is to be taken.