Section 32

The Board may, at any time after the Corporation has received a notification from the Authority that a member institution has ceased, or is likely to cease, to be viable convene a meeting to determine whether the membership of the member institution should be terminated.

Where the Board proposes to terminate the membership of the member institution, the Corporation shall give written notice of its proposal to the member institution and shall give the member institution an opportunity to make representations within 5 days from the date of such notice.

Where representations are received by the Corporation from the member institution, the Board shall consider the representations and shall make a determination to confirm or not to confirm the proposal to terminate the membership of the member institution.

Deposit Protection

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Where the Board has confirmed its proposal to terminate the membership of the member institution, it shall inform the Minister of its determination in writing.

Where the Minister disagrees with the determination of the

Board, the Minister shall within 15 days from the date of receipt of the notice inform the Board in writing of his decision relating to such determination, and such decision shall become binding on the Board.

Where the Minister has not informed the Board of his decision within the period stipulated under subsection (5), the Minister is deemed to have approved the proposal of the Board to terminate the membership and the Corporation shall —

Where, at any time after a notice of termination has been given to a member institution under subsection (6), the Corporation is satisfied that as the result of any action by the member institution, or any other person, the risks to depositors or to the Corporation has been averted or substantially reduced, the Corporation may revoke its notice of termination and inform the

Minister accordingly.

The termination of a membership by the Corporation shall be final.