|
|
Grant of licences.
|
9.—(1.) Subject to the provisions of this section, the Bank may, in its discretion, grant or refuse to grant to any person applying to it for the grant thereof a licence authorising the holder to carry on banking business.
|
|
| |
(2) The Bank shall not refuse to grant a licence without the consent of the Minister and unless it is satisfied that the grant of the licence would not be in the interest of the orderly and proper regulation of banking, and the Minister shall not grant his consent to the refusal unless he is satisfied that the grant of the licence would not be in the interest of the orderly and proper regulation of banking.
|
|
| |
(3) Whenever the Bank proposes to refuse to grant a licence to a person—
|
|
| |
(a) it shall notify the person in writing that it intends to seek the consent of the Minister to the refusal and of its reasons for the refusal and that the person may, within twenty-one days after the date of the giving of the notification, make representations in writing to the Minister in relation to the proposed refusal,
|
|
| |
(b) the person may make such representations in writing to the Minister within the time aforesaid, and
|
|
| |
(c) the Minister shall, before deciding to give or withhold his consent, consider any representations duly made to him under this subsection in relation to the proposed refusal.
|
|
| |
(4) An application for a licence shall be in such form and contain such particulars as the Bank may from time to time determine.
|
|
| |
(5) The grant of a licence to a person shall not constitute a warranty as to the solvency of the person to whom it is granted and the Bank shall not be liable in respect of any losses incurred through the insolvency or default of a person to whom a licence is granted.
|
