In force2024 Revised EditionCurrent version · 2024 Revised EditionSee versions on Attorney General's Chambers(opens the publisher’s site)
Banking Act · 2024 Revised Edition · Part · Invitations to Make Deposits
Banking Act · 2024 Revised Edition · Part · Invitations to Make Deposits
Official textFrom Attorney General's Chambers, unchanged
Subject to section 96, no person shall receive, take or accept deposits except under and in accordance with a licence granted under section 4(1) to carry on banking business.
Banking 86
Any person who contravenes subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $10,000,000, imprisonment for a term not exceeding 10 years or both, and in the case of a continuing offence, to a further fine not exceeding $100,000 for every day during which the offence continues after conviction.
banking business
“banking business” means business which consists of or includes the receiving of deposits or other repayable funds from the public and the granting of credits for its own account and includes the following activities — (a) financial leasing; (b) money transmission services; (c) issuing and administering means of payment, such as credit cards, charge cards, travellers’ cheques and bankers’ drafts; (d) guarantees and commitments; (e) trading for own account or for account of customers in one or more of money market instruments, foreign exchange, financial futures and options, exchange and interest rate instruments and transferable securities; (f) participation in share issues and the provision of services relating to such issues; (g) advice to undertakings or capital structure, industrial strategy and related questions and advice and services relating to mergers and the purchase of undertakings; (h) money broking; (i) portfolio management and advice; (j) safekeeping and administration of securities; (k) credit reference services; (l) safe custody services; (m) bank assurance; and (n) such other business as may be approved in writing by the Authority with the approval of the Minister;
Part