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Application to vary or revoke prohibition notice
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30. The Act of 2010 is amended by the insertion of the following section after section 45:
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“45A. (1) An application for an order varying or setting aside a prohibition notice confirmed under section 45 may be made to the Court—
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(a) by the Bank or the Governor, as the case may be, or
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(b) by the prohibited person.
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(2) An application made by the Bank or the Governor under subsection (1) may be made on an ex parte basis provided that the prohibited person informs the Bank or the Governor, as the case may be, in writing that he or she agrees to the application being made ex parte.
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(3) If on an application under this section the Court is satisfied that—
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(a) since the confirmation of the prohibition notice under section 45, there has been a change in circumstances, and
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(b) the change is such that, if an application for confirmation were made at the time of the application under subsection (1), a different decision would be taken in relation to the application for confirmation,
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the Court may make an order setting aside or, subject to subsection (4), varying the prohibition notice as it thinks fit.
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(4) An order under this section may not vary a prohibition notice in a way that, in the opinion of the Court, would make it more onerous to the prohibited person.
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(5) Subsections (2), (3), (7) and (11) of section 45 shall apply for the purposes of an application or the making of an order under this section subject to any necessary modifications.”.
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