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Licences.
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10.—(1) Subject to the provisions of this Act, the Central Bank may, on application to it in that behalf by the trustees of the society concerned, grant or refuse to grant to them a licence authorising them to establish, maintain, and carry on the business of, a trustee savings bank (in this Act referred to as “a licence”).
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(2) The Central 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 trustee savings banks or that there is not compliance with this Act as respects the institution, or the trustees, concerned 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 trustee savings banks or that there is not compliance with this Act as respects the institution, or the trustees, concerned.
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(3) Whenever the Central Bank proposes to refuse to grant a licence to the trustees of a society—
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(a) it shall notify them in writing of its intention to seek the consent of the Minister to the refusal and of its reasons for the refusal and that they may, within 21 days of the giving of the notification, make representations in writing to the Minister in relation to the proposed refusal,
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(b) the trustees may make such representations to the Minister within the time aforesaid, and
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(c) the Minister shall, before deciding whether to give or withhold his consent to the proposed refusal, consider any representations duly made to him under this subsection.
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(4) (a) Subject to paragraph (b) of this subsection, the Central Bank shall, not later than 6 months after the receipt of an application therefor, either grant the licence or give a notification under subsection (3) (a) to the persons who made the application.
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(b) Paragraph (a) shall have effect in relation to a case where, pursuant to subsection (6), the Central Bank requests the persons concerned to furnish information in relation to an application for a licence as if the reference to the receipt of an application were a reference to the furnishing of the information.
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(5) An application for a licence shall be in such form and contain information in relation to such matters as the Central Bank may specify.
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(6) The Central Bank may, following the receipt by it of an application for a licence, request the persons concerned in writing to furnish information to it in relation to specified matters and the persons shall comply with the request.
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(7) Where, immediately before the commencement of this section, a former bank was carrying on business, the Central Bank shall, upon application therefor by its trustees, grant to them, as soon as may be thereafter, a licence in respect of its business and the licence shall have, and be deemed to have had, effect as on and from such commencement.
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(8) The grant of a licence shall not constitute a warranty as to the solvency of the institution concerned and the Central 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 or the trustee savings bank in respect of which it is granted.
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(9) The Central Bank may amend a licence by inserting therein or deleting therefrom, as appropriate, the names of trustees of the trustee savings bank concerned.
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