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In force2024 Revised Edition
Contents

Part · Licensing of Banks

9. Determination of application for licence

(1)

On receipt of an application for a licence under section 7(1), the Authority shall, subject to subsection (2), within a period of 4 calendar months or such extended time as the applicant and the Authority shall decide, grant or refuse the licence applied for.

(2)

Where the Authority intends to refuse a licence, it shall serve on the applicant notice in writing stating that it is considering taking that decision for the reasons stated in the notice.

(3)

An applicant on whom notice is served under subsection (2) may, within 28 days of the service of the notice, submit written representations to the Authority.

(4)

The Authority shall consider any representations made in response to a notice under subsection (2) before giving further consideration to the matter to which the notice relates.

(5)

If, after considering any representation made under subsection (3), the Authority refuses to grant the licence, the Authority shall serve on the applicant notice thereof in writing.

(6)

Any applicant who is aggrieved by the refusal of the Authority to grant a licence may, within 30 days of the decision of the Authority, appeal in writing to the Minister whose decision is final.

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Prohibited Business

Part

Minimum Assets Requirements

Part 7

Part

Overseas Branches and Representative Offices of Domestic Banks

Part

Unclaimed Balances

Part

Invitations to Make Deposits

Part

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