Central Bank Act, 1942

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Admission of a bank to be an Associated Bank.

13.—(1) Any bank may, at any time, on or after the appointed day, apply to the Minister to be admitted to be an Associated Bank, and the Minister, after consultation with the Board, may in his absolute discretion grant or refuse such application.

(2) Whenever the Minister grants under this section an application by a bank to be admitted to be an Associated Bank, such bank shall, as on and from the date on which such application is granted, become and be an Associated Bank for the purposes of this Act and of the Currency Act as applied, modified, or amended by this Act.

(3) The Minister may require a bank applying under this section to be admitted to be an Associated Bank to furnish to him such information in relation to its business and to permit the Governor or a permanent officer of the Bank specially authorised in that behalf in writing by the Minister to make such inspection of its books as appears to the Minister to be necessary for the due consideration by him of such application.