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(1) Where a bank or specialised deposit-taking institution ceases to be a member of the Scheme under section 6, that bank or specialised deposit-taking institution is not relieved from its obligations or liabilities that accrued to the Corporation before the cessation of its membership of the Scheme;

(2) Where a bank or specialised deposit-taking institution ceases to be a member of the Scheme under section 6, that bank or specialised deposit-taking institution shall

(a) not assume, hold out or in any other way give the impression that the bank or specialised deposit-taking institution is a member of the Scheme;

(b) surrender the membership certificate issued to that bank or specialised deposit-taking institution to the Corporation, and shall, in the prescribed manner, notify

(i) depositors of that bank or specialised deposit-taking institution, and

(ii) the general public of the cessation of its membership;

(c) indemnify the Corporation in the event of a payment made by the Corporation to depositors of that bank or Specialised deposit-taking institution in respect of deposits transferred or acquired by another bank or specialised deposit-taking institution.

(2) The Corporation shall revoke the certificate of membership of the Scheme issued to a bank or specialised deposit-taking institution that ceases to be a member of the Scheme and that bank or specialised deposit-taking institution shall surrender the certificate to the Corporation.

(3) A bank or specialised deposit-taking institution shall, from the date of revocation of the licence and cessation of membership, not accept deposits from the public.

(4) A bank or specialised deposit-taking institution that contravenes subsection (2), commits an offence and is liable on summary conviction to a fine of not more than five thousand penalty units or to a term of imprisonment of not more than ten years or to both.