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Removal of a Shareholding Bank from being such Bank.
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41.—(1) The Commission may in its absolute discretion on any of the grounds expressly authorised by this Act or by unanimous vote on any other ground which appears to the Commission to be sufficient remove any Shareholding Bank from being a Shareholding Bank.
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(2) Any Shareholding Bank may at any time apply to the Commission to be removed from being a Shareholding Bank and whenever such application is so made by a Shareholding Bank the Commission shall forthwith remove such Bank from being a Shareholding Bank.
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(3) Whenever the Commission removes under this section a Shareholding Bank from being a Shareholding Bank, such Bank shall forthwith cease to be a Shareholding Bank for the purposes of this Act, but such removal shall not prevent the subsequent admission under this Act of such Bank to be a Shareholding 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 in respect of consolidated bank notes outstanding with it whether before or after such removal.
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(4) Except when a Shareholding Bank is removed on its own application, the Commission shall not remove under this section a Shareholding Bank from being a Shareholding Bank without giving such Bank a reasonable opportunity of being heard.
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(5) No ordinary Commissioner shall vote on or otherwise take part in the removal under this section of a Shareholding Bank of which he is a director or by which he is employed.
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