Mandatory revocation and restriction in cases of urgency

(1) No notice of intention need be given– (a) under section 19 (2) in respect of the revocation of a licence in any case in which revocation is mandatory under section 19 (14); or (b) under section 21 (1) in respect of the imposition or variation of a restriction on a licence in any case in which the Central Bank considers that the restriction should be imposed or varied as a matter of urgency. (2) In any such case as is mentioned in sub-section (1), the Central Bank may by written notice to the licensee revoke the licence or impose or vary the restriction. (3) A notice under sub-section (2) shall state the reasons for which the Central Bank has acted and, in the case of a notice imposing or varying a restriction, give particulars of the licensee’s rights conferred by section 129. (4) 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, 61 the Central Bank shall serve on that person a copy of the notice to restrict or vary a restriction together with a statement of his rights under sub-section (5). (5) A licensee which is served with a notice to restrict or vary a restriction, and a person who is served with a copy of it under sub-sections (2) and (4) may, within the period of fourteen days commencing from the day after which the notice was served, make representation to the Central Bank. (6) After serving a notice under sub-sections (2) or (4) imposing or varying a restriction and taking into account any representations made in accordance with sub-section (5) the Central Bank shall decide whether to– (a) confirm or rescind its original decision; or (b) impose a different restriction or to vary the restriction in a different manner. (7) The Central Bank shall, within the period of fifteen days commencing from the day after which the representations have been made, give the licensee concerned written notice of its decision under sub-section (6) and, except where the decision is to rescind the original decision, the notice shall state the reasons for the decision. (8) Where the notice under sub-section (7) contains a decision to take the action specified in sub-section (6) (b), the notice under sub-section (7) shall have the effect of imposing the restriction or making the variation specified in the notice with effect from the date on which the notice is served. (9) Where a notice of intention to revoke a licence under section 19(2) is followed by a notice revoking a licence under this section, the latter notice shall have the effect of terminating 62 any right to make representations in respect of the proposed (10) Within seven days of a person ceasing to hold a licence the Central Bank shall publish notice of that fact in the Gazette and in a newspaper published and circulated in Belize.