s 41 Objection to existing control of licensed credit bureau
41.—(1) The Authority may serve a written notice of objection on any person mentioned in section 40(1), (2), (3) or (4) if the Authority is satisfied that —(a) any condition of approval imposed on the person under section 40(6) has not been complied with; (b) it is no longer in the public interest to allow the person to continue to be —(i) a party to the agreement or arrangement described in section 40(3) or (4); (ii) a substantial shareholder of the licensed credit bureau; (iii) a 12% controller of the licensed credit bureau; (iv) a 20% controller of the licensed credit bureau; or (v) an indirect controller of the licensed credit bureau, as the case may be; (c) the person has provided any false or misleading information or document in connection with an application under section 40(1), (2), (3) or (4); (d) the person is no longer a fit and proper person in accordance with the Guidelines on Fit and Proper Criteria; (e) having regard to the likely influence of the person, the licensed credit bureau is no longer likely to conduct its business prudently or to comply with the provisions of this Act; or (f) it would not have been satisfied as to any of the matters specified in section 40(5) had it been aware, at that time, of circumstances relevant to the person’s application under section 40(1), (2), (3) or (4). (2) Before serving a written notice of objection under subsection (1), the Authority must, unless the Authority decides that it is not practicable or desirable to do so, give the person —(a) a written notice of the Authority’s intention to serve the written notice of objection; and (b) specify a date by which the person may make written representations with regard to the proposed written notice of objection. (3) The Authority must consider any written representations it receives before the date mentioned in subsection (2)(b) for the purpose of determining whether to issue a written notice of objection. (4) The Authority must, in any written notice of objection, specify a reasonable period within which the person that has been served the written notice of objection must —(a) take such steps as are necessary to ensure that the person ceases to be a party to the agreement or arrangement described in section 40(3) or (4), as the case may be; (b) cease to be —(i) a substantial shareholder; (ii) a 12% controller; (iii) a 20% controller; or (iv) an indirect controller, of the licensed credit bureau, as the case may be; or (c) comply with such direction as the Authority may make under section 42, and the person must comply with that notice.