Removal of a bank from being an Associated Bank.
14.—(1) The Minister may, at any time on or after the appointed day, in his absolute discretion remove any Associated Bank from being an Associated Bank either (after consultation with the Board) on any of the grounds expressly authorised by the Currency Act as adapted by this Act or (with the consent of the Board) on any other ground which appears to the Minister to be sufficient.
(2) Any Associated Bank may, at any time on or after the appointed day, apply to the Minister to be removed from being an Associated Bank, and, whenever such application is so made by an Associated Bank, the Minister shall forthwith remove such bank from being an Associated Bank.
(3) Whenever the Minister removes under this section an Associated Bank from being an Associated Bank, such bank shall forthwith cease to be an Associated Bank, but such removal shall not prevent the subsequent admission under this Act of such bank to be an Associated Bank nor relieve such bank from liability to pay on due presentation the amount of every consolidated bank note outstanding with it at the time of such removal or from liability for payments on consolidated bank notes outstanding with it whether before or after such removal.
(4) Except when an Associated Bank is removed on its own application, the Minister shall not remove under this section an Associated Bank from being an Associated Bank without giving such bank a reasonable opportunity of being heard.
(5) No banking Director shall vote on any resolution relating to the removal of an Associated Bank of which he is a director or by which he is employed.