Section 29
Withdrawal of exemption
(1)
The Minister may withdraw an exemption granted to an exempt member institution under section 28(2) if —
(a)
the exempt member institution fails to comply with a condition or restriction imposed in respect of the exemption; or
(b)
the Minister considers it necessary in the public interest.
(2)
Before withdrawing any exemption granted to an exempt member institution under section 28(2), the Minister shall —
(a)
give the exempt member institution notice in writing of his intention to do so; and
(b)
in the notice referred to in paragraph (a), call upon the exempt member institution to show cause within such time as may be specified in the notice why the exemption should not be withdrawn.
(3)
If the exempt member institution referred to in subsection (2) —
(a)
fails to show cause within the time specified in the notice or within such extended period of time as the Minister may allow; or
(b)
fails to show sufficient cause, the Minister shall give notice in writing to the exempt member institution of the date on which the withdrawal of the exemption is to take effect.
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(4)
Where a withdrawal of exemption becomes effective, the
Minister shall publish a notice of the withdrawal in the Gazette.